Brett Chenoweth has been named as the next chairman of Tabcorp Holdings to succeed Bruce Akhurst, who is retiring next month.
Chenoweth has been a non-executive director at Tabcorp since 2022 and has extensive leadership experience across a range of media, sport and entertainment companies, including as chief executive and managing director of APN News and Media.
He will succeed Akhurst at the conclusion of the company’s 2024 Annual General Meeting on 23 October.
Akhurst is expected to remain a director through to the end of the calendar year while Tabcorp managing director and CEO-elect Gillon McLachlan undergoes the required regulatory approvals process.
Akhurst will retire as chairman having overseen the successful separation from The Lottery Corporation, securing the 20-year Victorian Wagering and Betting Licence, the achievement of level playing field reforms in Victoria and Queensland, and a significant transformation of Tabcorp’s technology, brand and digital offering. He joined the Tabcorp Board in 2017 and took over as chairman in May 2022.
“I’m proud of our achievements since Demerger,” said Akhurst. “We’ve moved quickly to transform the company. We’re a faster, more innovative and more responsive organisation today than we have ever been. Over the last two years we’ve laid some important foundations for growth by winning the Victorian Licence, achieving structural reforms, and launching a new TAB App.
“I’m so pleased to have secured the services of Gill as our CEO, who with a strong team, will take the company to the next level. With those major changes now complete, my job is done and the time is right to transition to a new leadership team. The wagering market has been challenging over the last year and I’m looking forward to watching Tabcorp grow in the next phase of its transformation as the market strengthens again.”
Commenting on his appointment, Chenoweth said: “I’m pleased to continue the company’s transformation. A significant amount of heavy lifting has been completed with the new TAB App, level playing field reforms and a refreshed leadership team. The work done over the last two years has been critical in building solid foundations and positioning us to capitalise when the market returns to growth.
“I want to pay tribute to Bruce for his outstanding leadership during the Demerger and creation of a new Tabcorp. Further opportunity awaits and I’m looking forward to working closely with Gill and my Board colleagues to unlock the shareholder value that we know lies within this company.”
Tabcorp also confirmed that Justin Milne, who joined Tabcorp as a non-executive director in 2011, will retire from the Board.
The search for a new director is well advanced, with Milne set to retire following the appointment of his replacement.
“After more than a decade on the Board and with strong foundations laid post Demerger it’s a good time for Board renewal,” said Milne. “I’ve seen a great many changes during my time at Tabcorp and the company is now on a better footing to compete effectively in an evolving wagering market.”
Akhurst added: “Justin has made a significant contribution to Tabcorp over a long period of time and will leave a lasting legacy. We thank him and we wish him the very best in his retirement.”
Shares in Tabcorp Holdings Ltd (ASX:TAH) closed 1.15 per cent lower at AUD$0.43 per share in Sydney Thursday.