Entain's Chief Executive steps down as HRMC case dust settles

One of the most powerful women in the gambling industry, Entain’s Chief Executive Officer, Jette Nygaard-Andersen, has announced that she is stepping from her position at the helm of the gambling group she joined in December 2019, taking the reins over after the sudden departure of Shay Segev and in the wake of Entain’s rebranding from GVC Holdings.

Her departure coincides with the resolution of the ongoing probe by HMRC into the business’ old operations when the company was known as GVC Holdings and has resulted in a £585m settlement with the authorities, which will be payable over five years. An additional £20m charitable donation and £10m will also be paid.

The Danish executive will be succeeded by Stella David in an interim quality and with immediate effect as the group launches the hunt for a new person in the hot seat. Nygaard-Andersen explained her motivation by saying that the past three years on the job have been both rewarding and challenging, and touched on the HRMC investigation which found a satisfactory conclusion.

"The group is now safe, stable and sustainable and I believe that this is the right time to move on to other business and career opportunities," Nygaard-Andersen said, confident that the future would not be as choppy as the past period. David is in the meantime stepping into the role this week.

Nygaard-Andersen’s departure was commented on by Entain Chair Barry Gibson who said that the executive was instrumental in setting Entain on a new strategic course and significantly refocusing the company’s efforts on working in regulated markets, overhauling governance, and generally strengthening customer offering.

The first cracks in Entain first surfaced as rumors during the summer when activist investors supposedly expressed their vexation with the HRMC case, and they found it appropriate to direct their dissatisfaction at Nygaard-Andersen. Yet, Gibson is unfaltering in his assessment of the now-resigned executive.

"She has offered exceptional leadership during what has been a hugely challenging period," the Chair said. The news was not taken too harshly by markets, though, as Entain’s shares are actually standing tall today, trading 4.42% higher.

Image credit: Entain Group