Tabcorp slumps as CEO resigns over 'inappropriate' language allegations

Tabcorp Holdings

15/03/2024 01:30

March 15 (Reuters) - Shares in Australia's Tabcorp
Holdings  TAH.AX  fell more than 7% on Friday, a day after the
bookmaker's CEO Adam Rytenskild resigned as the board became
aware of the top boss using "offensive" and "inappropriate"
language at the workplace.
    Shares were down as much 7.2% to A$0.71 in early trade, set
for their worst week since March 2020.
    Tabcorp said on Thursday its board considered the language
used by the CEO to be inconsistent with his leadership and
following discussions, Rytenskild stepped down immediately,
according to the company.
    "I don't recall making the alleged comment and it's not
language I would usually use, but I have regrettably agreed to
resign," the outgoing CEO was quoted as saying in a company
statement.
    Rytenskild was appointed CEO in June 2022 and has served
with the wagering firm for over two decades.
    Chairman Bruce Akhurst will take over the additional role of
executive chairman, while the firm appointed Maritana Partners
to commence a global search for a new managing director and CEO.
    

 (Reporting by Ayushman Ojha; Editing by Rashmi Aich)
 ((Ayushman.Ojha@thomsonreuters.com;))