Entain names Stella David interim CEO as Nygaard-Andersen steps down
13th December 2023 7:54 am GMT
Entain has begun the search for a new chief executive to replace Jette Nygaard-Andersen, who has resigned with immediate effect.
Nygaard-Andersen served as CEO of Entain since January 2021 and leaves the company following the resolution of the HMRC investigation into the company's legacy Turkish-facing business, which has seen it enter into a £585 million deferred prosecution agreement.
“We are all indebted to Jette for her dedication to steering the company through such a difficult time,” said Entain chairman Barry Gibson. “She has also led the executive team in devising a new commercial strategy that I am confident will lead to stronger organic growth and a more profitable Entain. On a personal note, I am sorry to see Jette leave the business.”
Commenting on her decision to step down, Nygaard-Andersen said: “The past three years have been rewarding and challenging in equal measure. The resolution of the HMRC investigation into the legacy business, which was sold by a former management team in 2017, offers a clean inflection point for me and for Entain.
“The Group is now safe, stable and sustainable and I believe that this is the right time to move on to other business and career opportunities.”
She will be replaced as chief executive on an interim basis by non-executive director Stella David, who has served as a board member since February 2021.
“I have been a Director of Entain for almost three years and have seen up close the extraordinary hard work that Jette and her team have put in overhauling the culture and practices at Entain,” said David following her appointment. “I look forward to helping to build on the strong foundations for future commercial success that she leaves behind her.”
David will serve as interim CEO until a permanent replacement has been appointed and takes up the role this week.
Shares in Entain plc. (LSE:ENT) closed 0.65 per cent higher at 810.87 pence per share in London Tuesday, prior to this morning's announcement.
