Entain CEO steps down after just five months

(Sharecast News) - Sports betting and gaming group Entain has revealed that chief executive Gavin Isaacs has left the company with immediate effect after just five months. Entain, which runs brands like Coral, Ladbrokes and Foxy Bingo as well part-owning the BetMGM brand in the US, did not disclose a reason for the abrupt departure, but said that the decision was "by mutual agreement".

He will be replaced by non-executive chair Stella David on an interim basis until a permanent replacement has been found.

"Entain is making strong progress in delivering our strategic priorities. We would like to thank Gavin for his contribution," David said in a short statement.

This won't be the first time that David has stepped into the interim CEO role. She served as leader between December 2023 and September 2024 after the exit of former CEO Jett Nygaard-Anderson following the £600m settlement following historic allegations of bribery facing the Turkish business.

Entain used Monday's statement to reiterate its guidance for 2024 ahead of its annual results on 6 March, stating that full-year EBITDA should be at the top end of £1,040m-£1,090m target range as previously announced. The company also said it was "comfortable" with market expectations for this year.

"The board and management remain aligned on the group's focus on operational excellence and maximising shareholder value. I look forward to leading the business as we continue to accelerate our performance," David said.