Tabcorp CEO resigns after allegations around use of 'inappropriate' language (updated)

Tabcorp Holdings

14/03/2024 06:40

(Updates with further details and background from paragraph 2
onwards)
       March 14 (Reuters) - 
    Australia's Tabcorp  TAH.AX  on Thursday said its managing
director and CEO Adam Rytenskild resigned after the Australian
bookmaker became aware of "inappropriate" and "offensive"
language used by the company chief in the workplace. 
    Tabcorp's board considered the language used by its chief to
be inconsistent with his leadership and following discussions
with board, Rytenskild stepped down immediately, according to
the company.
    Rytenskild will receive only the termination payments
required by law and under his contract and will forfeit all his
unvested short-term incentive and long-term incentive awards,
the racing and wagering giant said.
    The outgoing CEO, however, said: "I don't recall making the
alleged comment and it's not language I would usually use, but I
have regrettably agreed to resign," according to a statement by
Tabcorp. 
    "Tabcorp has been an enormous part of my life for many years
and I believe in the journey the company is on," Rytenskild
said.
    Tabcorp's board has appointed Maritana Partners to commence
a global search for a new managing director and CEO, it said. 

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Sonia
Cheema)
 ((Rishav.Chatterjee@thomsonreuters.com;))