Peter Erskine, the current Chairman of UK-based gambling operator Ladbrokes PLC, announced earlier today that he is to resign from his post before the end of the year. The company stated that it is now looking for a new Chairman.
Ladbrokes said in a statement that the search for successor will be led by its Non-Executive Director John Kelly. Mr. Kelly had previously taken the position of Chief Executive Officer of Gala Coral.
Mr. Erskine’s announcement came more than a month after Richard Glynn stepped down as Ladbrokes CEO and right before the operator’s annual general meeting, which is scheduled to take place today.
Mr. Erskine took over as Chairman of the company back in 2009. He has repeatedly expressed his support for Mr. Glynn when he was blamed for the poor performance of Ladbrokes’ online business.
The official explained that when he took over as Chairman six years ago, the company undertook a journey towards the modernization of its operations, so as to become more competitive in the constantly changing online gambling market as well as in a “challenging retail and political environment.” The executive admitted that during that time, the operator managed to make real progress towards its goal.
Mr. Erskine also pointed out that he believes a new Chairman should be appointed now that Ladbrokes has its new CEO. Thus, his successor would be given the opportunity to oversee the next stage of the company’s above-mentioned journey.
The official said that he was honored to take the position of Chairman of Ladbrokes for the past six years. As he pointed out, the search for the new successor is now underway and he is to step down from his post once a suitable one is found. Mr. Erskine promised that until that time, he would help Mr. Mullen prepare and implement his strategy for the company.
As mentioned above, Ladbrokes’ annual general meeting is to take place today and Mr. Erskine is expected to face strong criticism from investors, due to the company’s not particularly impressive financial performance during his tenure.
Furthermore, investors are also expected to state their disapproval of the payoff that was offered to Mr. Glynn after his recent departure. The former CEO is to receive £846,000 in damages, as well as pension entitlements and other benefits.
