Yesterday, the media in the United Kingdom was notified that Richard Glynn, the Chief Executive Officer of Ladbrokes, will no longer take this position. Glynn has dedicated five years to making the company a competitive and widely recognized one.
However, people with knowledge on the matter said that Glynn’s resignation was supposed to happen anyway. Ladbrokes has been experiencing financial difficulties that were not likely to be solved anytime soon.
In addition, the fact that Ladbrokes migrated from the Microgaming to Playtech platform made the situation even more complicated as the migration caused some unexpected issues.
Anyway, Ladbrokes was supposed to support customers on a variety of networks, which turned out to be a pretty challenging task.
When Glynn was hired as Ladbrokes’ CEO, he was given a target to hit. One of his main responsibilities as a CEO was making the stock prices reach 280 pence.
It seems like he failed in achieving that. As a matter of fact, the closing price on Dec. 3rd was 114 pence, which was probably the escalation point that made Richard Glynn part ways with Ladbrokes.
Although most people agreed that sooner or later, Glynn was going to leave Ladbrokes, they consider the time he chose to do that was not too appropriate.
For the time being, Ladbrokes has much more important issues to focus on rather than searching for a new CEO. Some market analysts said that it would have been a way better for the company to have waited until its positions on the UK gambling market are stabilized.
Plus, it is still uncertain what the results from the newly implemented Point of Consumption Tax will be.
Peter Erskine, company’s Chairman, said that he respects the decision of Glynn and added that during the years Glynn has been working relentlessly towards ensuring the smooth transformation of the company.
Glynn also commented on the split and said that he is proud of having led the company through this critically important phase of its development. He also said that the efforts of his team were praiseworthy.
Despite leaving Ladbrokes, Glynn is not going to abandon everything. He is to work closely with the new CEO for an indefinite period of time. He wants to make sure that his resignation will affect neither the shareholders nor the customers.
Ladbrokes’ officials did not provide precise information about the exact time when a new CEO will be hired but people, familiar with Ladbrokes’ affairs expect it to take place in the early spring of 2015.
