Australia's Tabcorp appoints former AFL boss Gillon McLachlan as CEO (updated)

Tabcorp Holdings

17/06/2024 01:54

(Adds share moves in paragraph 2, details and background in
paragraphs 6-9)
       June 17 (Reuters) - Australia's Tabcorp Holdings
 TAH.AX  on Monday appointed former boss of the Australian
Football League (AFL), Gillon McLachlan, as its new chief
executive officer and managing director.
    Shares of the bookmaker fell as much as 3.8% by 0019 GMT, on
track for their biggest single-day loss in nearly three weeks,
while the broader benchmark index  .AXJO  was largely unchanged.
    McLachlan was the AFL chief executive for a decade during
which he contributed to significant revenue growth and oversaw
its expansion.
    He will join Tabcorp on Aug. 5 and assume the roles of CEO
and MD upon receiving regulatory approvals, the company said. He
will receive an annual fixed remuneration of A$1.5 million
($991,800).
    Tabcorp's former CEO Adam Rytenskild stepped down in March
after allegedly using offensive language at the workplace.
    McLachlan's appointment comes at a time when Tabcorp is
looking to speed up its recovery to deliver on the growth
opportunities in the broadcast and integrity services industry.
    Shares of the company had fallen nearly 22% this year by
Friday's close, pressured by a loss in the first half owing to a
one-off non-cash impairment charge related to its Wagering and
Media business and heightened competition in the sector.     
    "In the two years since demerger, we have significantly
improved our customer offering and delivered key structural
reforms in Queensland and Victoria," Executive Chairman Bruce
Akhurst said in a statement.
    "Gill brings an added dimension of having been responsible
for some of the most significant media rights deals in
Australian sports history and we're excited about the potential
growth opportunities for our wagering and media business under
his leadership."
    
($1 = 1.5124 Australian dollars)

 (Reporting by John Biju in Bengaluru; Editing by Stephen Coates
and Subhranshu Sahu)
 ((John.Biju@thomsonreuters.com;))