Gavin Isaacs Resigns as Entain CEO After Five Months
Entain Plc has announced that Gavin Isaacs has stepped down as Group CEO of the FTSE 100 gambling company with immediate effect.
LISTEN TO THIS ARTICLE:Chair Stella David will once again take on the role of Interim CEO while the company launches a search for Isaacs’ replacement. Meanwhile, Senior Independent Director Pierre Bouchut will assume the position of Interim Chair.
Board Remains Confident in Progress
Following Isaacs’ resignation, David sought to reassure investors that the company is still on track to achieve its strategic priorities.
Entain is making strong progress in delivering our strategic priorities. We would like to thank Gavin for his contribution. The Board is pleased with the Group’s performance in 2024 and trading so far this year. As announced on 13 January 2025, FY2024 Group EBITDA is expected to be at the top of the £1,040m-£1,090m guidance range. 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.
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Signs of Recovery Under Isaacs’ Leadership
Isaacs was appointed CEO in July 2024 following an eight-month executive search. A veteran of the gambling industry, he previously served as President of Scientific Games Corporation (SGC) and Chairman of SBTech. His appointment was seen as a positive move as it was expected to help the company restore growth and improve investor relations after a difficult 2023, during which Entain reported £900m in losses.
His leadership saw some early signs of recovery. In Q3 2024, Entain reported a 6% increase in online revenues in the UK and Ireland, and BetMGM in North America showed improved performance following technical upgrades under Project Romer.
However, in January, Entain faced renewed challenges when the UK’s Financial Reporting Council (FRC) launched an investigation into its auditor, KPMG, regarding the audit of Entain’s 2022 financial accounts. While the FRC has not disclosed specific details, the probe adds to the company’s regulatory troubles and comes soon after the company reached a £600 million settlement with HMRC in 2023 over a bribery case.
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