- Barry Gibson replaced private equity manager Lee Feldman as chairman
- Since becoming chairman, Gibson has led dramatic changes at Entain
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Barry Gibson originally joined the board of Ladbrokes and Coral in November 2019, before becoming chairman the following February.
The chairman of gambling giant Entain plans to step down later this year after overseeing four years of transformation at the company.
Barry Gibson originally joined the board of owners Ladbrokes and Coral in November 2019, before becoming chairman the following February.
He replaced private equity manager Lee Feldman, who served as chairman for 11 years until he left amid a shareholder backlash over high executive pay and his sale of a £6 million stake in Entain.
Since succeeding Feldman, Gibson has presided over dramatic changes at the company, including the name change from GVC Holdings and a series of acquisitions, such as Dutch group BetCity and Croatia’s largest betting operator, SuperSport.
Entain has also built its BetMGM joint venture into a company with annual net gaming revenues of more than $2 billion, supported by the legalization of sports gambling in multiple U.S. states.
However, the business was hampered by strict Covid-19 restrictions in 2020 and 2021, with growth since hit by stricter gambling regulations and a bribery investigation at a traditional Turkish company.
Shortly after reaching a £615 million settlement in connection with the investigation, Jette Nygaard-Andersen resigned as CEO of Entain and was replaced on a provisional basis by Stella David.
Entain said David Gibson will succeed as chairman sometime before the end of September, although it could “potentially be sooner” depending on when the new CEO is appointed.
Gibson told investors: “While I have thoroughly enjoyed my time at this dynamic, exciting and innovative company, some time ago I considered that 2024 would be the right time for me to retire.
‘I am pleased that Entain has an exceptional successor in Stella who knows the business well and has already proven to have a strong hand at the helm in her role as interim CEO.’
Before joining Entain, Gibson was a director at William Hill, Bwin and airport group BAA, and was CEO of football pool company Littlewoods.
He was also chairman of emergency repair company Homeserve until quitting in 2021, about 18 months before its acquisition by Brookfield Asset Management.
Own shares were 1.05 per cent higher at 767.2p on Thursday morning and have grown by around 31 per cent over the past five years.