Bookie Entain names first female boss
Ladbrokes owner Entain has appointed the first female chief executive of a major listed British gambling group, bringing the total number of women leading FTSE 100 companies to seven.
Jette Nygaard-Andersen, who has served as an independent non-executive director at the company since 2019, will take over from Shay Segev with immediate effect, Entain said, following a rapid hiring process.
The appointment comes just two days after Las Vegas casino firm MGM Resorts abandoned its £8bn bid to buy Entain after failing to win the support of investors, and just 10 days after Mr Segev announced his departure.
The gambler said Ms Nygaard-Andersen, a Dane, has been "instrumental" in the development of the group's growth and sustainability strategy.
She spent more than 15 years in executive roles at Modern Times Group, a quoted entertainment group with a strong presence in Scandinavia and central Europe and also worked at Danish logistics company AP Moeller-Maersk.
"She brings significant experience to the CEO role that reflects the evolution of Entain into an entertainment-focused company," Entain said.
Ms Nygaard-Andersen's appointment means there are now seven women leading FTSE 100 companies. She joins GSK's Emma Walmsley, Liv Garfield of Severn Trent, Allison Brittain of Whitbread, NatWest chief Alison Rose, Aviva's Amanda Blanc and Pennon's Susan Davy.
Denise Coates heads Bet365, the privately owned online bookmaker, but Ms Nygaard-Andersen will become the first woman to lead a UK listed gambling group.
Barry Gibson, the company's chairman, said: "We are extremely fortunate to have such an outstanding candidate and ready-made CEO in Jette. She is already deeply immersed in Entain's strategy, and clearly shares our ambition to be the world-leader in sports betting and gaming entertainment."
Finance chief Rob Wood also will become Ms Nygaard-Andersen's deputy chief executive, on top of his current role, Entain added.
It came as the Ladbrokes and Coral owner reported a 7pc increase in net revenues in the fourth quarter, driven by a 41pc surge in online sales.
Full-year online net gaming revenue grew by more than a quarter, while earnings before interest, tax, depreciation and amortisation (Ebitda) is expected to come in between £825m to £845m, despite the closure of its retail stores.
Analysts at Peel Hunt said favourable sporting margins accounted for a significant proportion of the strong fourth quarter performance.
They added: "Overall the return to lockdown will benefit Entain, as players stuck at home look for entertainment online. With a full calendar of first-class sport online revenue should (subject to margins) more than offset the shortfall from the closure of retail sites."
Shares were flat at £12.71 in morning trading.
