UK-based betting and gaming operator Ladbrokes announced earlier today that Damian Cope, International Managing Director for the company, is to step down from his post.
Jim Mullen, Chief Executive Officer of Ladbrokes, also said that the company will keep on restructuring its international operations as a means to cut costs. Due to this, a total of nine centrally-based international executives will be at risk of being asked to leave the gaming company, once a review of its efficiency and costs is carried out.
Mr. Cope has recently been in charge of the revision of Ladbrokes’ Irish business. As previously reported, it had been placed under examinership, or bankruptcy protection.
Commenting on Mr. Cope’s departure and the pending changes, Mr. Mullen pointed out that all the company’s international businesses could boast of excellent management teams and do not need much support from the centrally-based International team. The executive also explained that their main purpose is to cut certain costs and bring Ladbrokes’ international operations closer to their Exco team.
As a result, the gambling operator would be able to focus its attention on its digital business and to invest the savings into that particular division. Mr. Mullen pointed out that digital operations are what the Group is to consider essential in future.
Under the current plans, the Ladbrokes’ local management teams would continue reporting as usual. In other words, Dean Shannon, Managing Director of the company’s Australian operations, is to report directly to Mr. Mullen.
Alexis Murphy, Managing Director of Ladbrokes Belgium, is to report to Lee Drabwell, Managing Director for the operator’s UK retail business.
Ladbrokes’ joint venture in Spain, led by Mark Fowler, Retail Director for Sportium, will report to Adam Greenblatt, Corporate Development and Strategy Director at Ladbrokes.
The announcement about Mr. Cope’s departure and the restructuring of the company’s international managing team comes after earlier this week, Ladbrokes confirmed that it has been discussing a potential merger with Coral Retail, Gala Coral’s online operations, and Eurobet Retail. The new entity is to be listed on the UK Listing Authority’s Official List and traded on the main market of the London Stock Exchange.
However, representatives for the two gambling operators commented that the discussions might not necessarily result in an agreement regarding the potential merger being reached. And if reached, it might not be completed.
