Boss of Ladbrokes owner Entain quits amid £8bn takeover fight
The boss of Ladbrokes owner Entain has quit after less than six months in the role amid an £8 billion takeover battle for the gambling giant.
Shay Segev handed in his notice at the betting firm a week after it turned down a takeover bid from US casino giant MGM Resorts.
He was promoted to the helm of Entain in July when previous boss Kenny Alexander stepped down after 13 years.
Entain, which recently changed its name from GVC, told investors on Monday that the current chief executive will leave to become co-CEO at sports streaming business DAZN.
It said Mr Segev has a six-month notice period and will remain as chief for the duration or until a new boss is hired.
Barry Gibson, chairman of Entain, said: “We are sorry that Shay has decided to leave us but recognise that we cannot match the rewards that he has been promised.
“Entain has a wealth of talent across its leadership team and the business has never been stronger.
“The company has delivered 20 quarters of double-digit online growth, and our future prospects have been substantially enhanced by our new strategy, which we set out in November.”
Mr Gibson said the exit of its chief “changes nothing” regarding its rejection of MGM Resorts’ offer, with the board still unanimous that the move “significantly undervalues the company and its prospects”.
Mr Segev said: “I will be sad to leave the company after five years but I have been offered a role which offers me a very different type of opportunity.
“Entain is in great shape after the successful launch of our new strategy.
“I also want to emphasise that the recent interest from MGM Resorts has had absolutely no bearing on my decision, and I fully support the board’s decision to reject their proposal.”