22 July 2024
THIS
ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIES AS INSIDE
INFORMATION
Entain plc
("Entain"
or the "Group")
Appointment of Chief
Executive Officer
Entain plc (LSE: ENT),
the global sports betting and gaming group,
announces that Gavin Isaacs has been appointed as
Chief Executive Officer ("CEO"), effective from 2 September
2024.
Gavin has
over 25 years of experience across the global sports betting,
gaming and lottery industries. His broad leadership experience has
been built through previous roles within companies including Scientific Games Corporation, DraftKings
Inc, SB Tech, Bally Technologies Inc, and Aristocrat
Technologies. In 2022, Gavin was inducted
into the American Gaming Association's Hall of Fame, reflecting his
extensive industry expertise leading and building a wide range of
businesses.
In line with the previously
announced
succession plan, and to support
a smooth transition, Stella David will work alongside Gavin Isaacs
before succeeding Barry Gibson as Chair of Entain following his
retirement on 30 September 2024.
Barry Gibson, Chair of Entain,
said: "On behalf of the Board, I am
delighted to welcome Gavin to Entain. We are confident that his
proven leadership and operational experience mean that Gavin is the
right person to take Entain into its next chapter. I would also
like to thank Stella David and Entain colleagues for the
significant operational improvements and progress made so far
towards our strategic priorities."
Stella David, Interim CEO &
Chair Designate, said: "I am looking
forward to working with Gavin and transitioning into my new role as
Chair of this fantastic business. The positive progress we have
already achieved means the business has strong building blocks in
place for the future. I am confident that with Gavin's leadership
we will realise the ambitious plans that we have for
Entain."
Gavin Isaacs,
said: "I am very excited to be joining
Entain. The company's iconic brands, exceptional talent and ongoing
execution of its refocused strategy will enable the business to
return to a leadership position across all aspects. I am confident
that Entain has an extremely bright future, and I look forward to
leading the Group in capitalising on the opportunities ahead and
creating value for all its stakeholders."
This announcement contains
information that qualifies or may qualify as inside information
within the meaning of Article 7 of the Market Abuse Regulation (EU)
No. 596/2014 as it forms part of English law by virtue of the
European Union (Withdrawal) Act 2018. The person responsible for
releasing this announcement on behalf of the Company is Simon
Zinger, General Counsel.
Upon the publication of this
announcement via a regulatory information service, this inside
information is now considered to be in the public
domain.
Supplementary
Information
About Gavin Isaacs
Gavin is currently a Non-Executive
Director of Games Global Limited, an iGaming content supplier
incorporated in the Isle of Man, having previously served as
Chairman for two years. He has over 25 years of experience across
the global sports betting, igaming, gaming and lottery industries.
In 2022, he was inducted into the American Gaming Association's
Hall of Fame, reflecting his extensive industry expertise built by
leading and building a wide range of public and private businesses,
from established multi-billion-dollar global companies to
innovative start-ups. Gavin was previously Chair of SB Tech prior
to its sale to DraftKings Inc in 2020 and has held a number of
Board or C-suite roles for companies including Scientific Games
Corporation, DraftKings Inc, SHFL Entertainment, Bally Technologies
Inc, and Aristocrat Technologies. He started his career practicing
as a solicitor with large corporate law firms in his native
Australia.
Gavin holds a Bachelor of Commerce,
Accounting and Financial Systems and a Bachelor of Laws from the
University of New South Wales, Australia as well as a Master of
Laws from the University of Sydney, Australia
Notification under Listing Rule 9.6.13
Prior to date of appointment, Gavin
will step down as a Director of Galaxy Gaming Inc, a US listed game
content provider. Gavin was previously a Non-Executive Director of
DraftKings Inc. from April 2020 to May 2021.
No disclosure obligations arise
under paragraphs (2) to (6) of Listing Rule 9.6.13.
Remuneration
All remuneration for Gavin Isaacs is
in line with Entain's Remuneration Policy ("Policy"), as approved
by shareholders in 2023. Further details are set out
below:
· A
basic annual salary of £875,000, in line with that received by
Stella David
· A
pension allowance of 6% of salary, in line with the maximum
employer contribution level available to our UK-based
employees
· Standard Entain executive benefits package, including an
initial period of relocation assistance to support with Gavin's
move from the US
· A
maximum annual bonus opportunity of 250% of salary and a maximum
LTIP opportunity of 450% of salary, aligned with our
Policy
· Entitlement to participate in the annual bonus scheme for 2024
will be pro-rated to reflect time in role
· A 2024
LTIP grant of 450% of salary. The Remuneration Committee wished to
ensure that Gavin was fully aligned to the successful delivery of
Entain's strategy and shareholders' interests from the start of his
time in role
· Gavin
will be required to build a shareholding in Entain to the value of
450% of his salary
· Gavin
will receive a buy-out award to compensate for awards forfeited on
leaving another role to join Entain. In line with the provisions of
our Policy, the award will be made on a fully like-for-like basis
with the forfeited original award in terms of value and vesting and
holding period timeframes
Full details of Gavin Isaacs'
remuneration will be included in our 2024 Directors' Remuneration
Report.
Enquiries:
About Entain plc
Entain plc (LSE: ENT) is a FTSE100
company and is one of the world's largest sports betting and gaming
groups, operating both online and in the retail sector. The Group
owns a comprehensive portfolio of established brands: Sports brands
include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds,
Sportingbet, Sports Interaction, STS, SuperSport and TAB NZ; Gaming
brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino,
Optibet, Partypoker and PartyCasino. The Group owns proprietary
technology across all its core product verticals and in addition to
its B2C operations provides services to a number of third-party
customers on a B2B basis.
The Group has a 50/50 joint venture,
BetMGM, a leader in sports betting and iGaming in the US. Entain
provides the technology and capabilities which power BetMGM as well
as exclusive games and products, specially developed at its
in-house gaming studios. The Group is tax resident in the UK and is
the only global operator to exclusively operate in domestically
regulated or regulating markets operating in over 30
territories.
Entain is a leader in ESG, a member
of FTSE4Good, the DJSI and is AA rated by MSCI. For more information see the Group's
website:
www.entaingroup.com
Notes for Editors
1. The
appointment of Gavin Isaacs as Chief Executive Officer was made by
the Board following an extensive search facilitated by an external
recruitment consultancy firm.
2. Career
history and other appointments of Gavin Isaacs:
2022 - present
Games Global Limited, Non-Executive Director
(previously Chairman until July 2024)
2021 - present
I.C. Intelligence LLC (Spotlight), Board
Director
2019 -
present
Galaxy Gaming Inc, Board Director
2019 -
present
PureSoftware, Advisor to the Board
2019 -
2024 Jackpocket, Advisor
to the Board
2020 - 2021 DraftKings Inc.,
Non-Executive Director
2019 - 2020 SB Tech, Chairman
2016 - 2018 Scientific Games
Corporation, Vice Chairman
2014 - 2016 Scientific Games
Corporation, President & Chief Executive Officer
2013 - 2014 McAndrew and Forbes
Holdings, Executive Vice-President
2011 - 2013 SHFL Entertainment Inc.,
Chief Executive Officer
2006 -
2011
Bally Technologies Inc., Chief Operating Officer and Executive Vice
President
2003 -
2006
Aristocrat Technologies Inc., President Americas
1999 -
2003
Aristocrat Technologies Inc., Various roles in Australia in
Marketing and Legal & Compliance
1993 -
1999
Phillips Fox Law, Sydney (now DLA Piper) - Solicitor and appointed
Partner in 1996
3. The Board
of Directors of Entain plc as at the date of this announcement is
as follows:
· Barry
Gibson, Chairman of the Board
· Stella
David, Interim Chief Executive Officer
· Rob
Wood, Chief Financial Officer and Deputy CEO
· Pierre
Bouchut, Senior Independent Director
· David
Satz, Independent Non-Executive Director
· Amanda
Brown, Independent Non-Executive Director
· Virginia McDowell, Independent Non-Executive
Director
· Rahul
Welde, Independent Non-Executive Director
· Ricky
Sandler, Non-Executive Director
· Ronald
J. Kramer, Independent Non-Executive Director
· Helen
Ashton, Independent Non-Executive Director
LEI: 213800GNI3K45LQR8L28