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The deeply offensive comment allegedly made by the high-flying boss of Tabcorp which cost him his $2 million a year job and $10 million bonus has been revealed.
The 52-year-old Adam Rytenskild has resigned from his position as managing director with immediate effect on Thursday due to the ‘inappropriate and offensive’ use of language at work.
It followed Tabcorp’s board deciding the language allegedly used was ‘inconsistent’ with his continued leadership.
Rytenskild allegedly called the woman a ‘useless c**t’, ‘or words very close to that effect’ in front of a number of people. The Australian reported.
Rytenskild is said to have made the remark regarding a senior female figure in the gambling regulatory industry who was not present.
Adam Rytenskild (pictured centre, with sports couple Candace and David Warner in 2022) has been forced to resign amid allegations of inappropriate and offensive language
Rytenskild has since said he does not recall making the alleged comment.
Despite spending almost 24 years with the gaming giant, he will only receive a termination payment and has forfeited any bonuses.
His resignation has cost him up to $10 million in unvested stock and options.
It has been reported that Tabcorp engaged external lawyers to investigate the allegations after a complaint was lodged a fortnight ago.
The company’s board decided to terminate his employment before Mr Rytenskild offered his resignation at an emergency meeting between the two parties on Wednesday.
“Tabcorp expects its executives to uphold the company’s values ​​at all times and will not hesitate to take steps to uphold expected standards of conduct,” a company statement read.
‘To protect the privacy of those involved, Tabcorp does not intend to make any further comment in relation to the conduct.’
Rytenskild had been in the top job for almost two years.
“I have no recollection of making the alleged comment and it is not language I would normally use, but I have regrettably agreed to resign,” he said in the Tabcorp statement.
Adam Rytenskild (pictured on the right) was in the top job for almost two years
‘Tabcorp has been a huge part of my life for many years and I believe in the journey the company is on.’
Tabcorp chairman Bruce Akhurst will step into the vacant CEO and managing director position until replacements are found.
“The board regrets that Mr. Rytenskild’s employment has been terminated in this manner =,” Mr. Akhurst said.
“(It) recognizes his commitment to Tabcorp’s growth over more than two decades, including the last two years as MD and CEO, and his contribution to the transformation of the company.”
Sir. Rytenskild started flipping burgers at a Mobil service station as a teenager and became a father at the age of 19 before joining Tabcorp in 2000.
He worked his way up to become an executive in 2010 and became CEO when Tabcorp demerged its lottery business in May 2022.
“Honestly, it’s a bit of a mouthful, but it’s true for me,” Rytenskild told The Australian Financial Review after his appointment to the top job.
‘I really have a ‘no dickhead policy’. I think that is important’.
Tabcorp’s board decided that the language allegedly used by Adam Rytenskild was ‘inconsistent’ with his continued leadership.