Entain begins search for CEO to replace Shay Segev

Entain chief executive Shay Segev has handed in his resignation and is expected to leave the company in the next six months.

Segev is leaving the gaming operator to serve as chief executive of sports streaming platform DAZN, but will remain in the role for the duration of his six-month notice period, or until a successor is found.

“We are sorry that Shay has decided to leave us but recognise that we cannot match the rewards that he has been promised,” said Entain chairman Barry Gibson.

“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. We have built a truly global business which is entirely based on our own technology and offers our best-in-class entertainment services in more than 20 nationally-licensed countries.

“I can confirm that this changes nothing with respect to the Board’s view of the recent proposal from MGM Resorts International to acquire Entain,” Gibson added. “The Board remains unanimous in our view that the proposal significantly undervalues the Company and its prospects.”

Segev assumed the chief executive’s office at Entain (formerly GVC) in July 2020, having served as chief operating officer since 2016.

“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,” said Segev.

“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. Entain has a great team of leaders and an exciting future ahead through its growth and sustainability strategy, and I will do all I can to continue to support the Company.”

Shares in Entain plc. (LSE:ENT) closed at 1,475.00 pence per share in London Friday, prior to Monday's announcement.