Written by :
Published on :
Ladbrokes, the UK's largest bookmaker, is poised to hire Richard Glynn, chairman of Sporting Index, the spread betting group, as its new chief executive.
Mr Glynn, 45, is understood to be finalising details of his contract with Ladbrokes. Barring last-minute hitches, an announcement of his appointment could be made as early as this week.
He will succeed Chris Bell, who surprised the leisure industry this year by saying he will step down this summer after 20 years with the group.
Along with Mr Glynn, Andy Harrison, departing chief executive of EasyJet, had been tipped as front- runner for the top job at Ladbrokes. Mr Glynn emerged as the favourite in recent weeks after Mr Harrison decided earlier this month to to join Whitbread, owner of Premier Inn hotels and Costa coffee shops, as chief executive.
A former lawyer who led a £52.7m management buy-out of Sporting Index in 2002, Mr Glynn will be joining Ladbrokes at a crucial moment for the bookmaker, which had to tap shareholders for £274.6m last autumn.
Aside from having been hit by a series of poor sporting results last year, Ladbrokes and other bookmakers face increasing competition from online gaming operations such as Sportingbet.
In this context, while Mr Glynn has not previously run a business the size of Ladbrokes, his knowledge of online betting markets is regarded as an asset given the bookmaker's desire to strengthen the group's online offerings.
Shareholders will also want Mr Bell's replacement not to leave Ladbrokes out of the loop in the much- anticipated round of consolidation in online gambling. New markets are opening up in continental Europe and Ladbrokes last month signalled its intention to be involved in the Italian market by saying it would launch online poker.
For the year to December 31, pre-tax profit fell 32 per cent to £174.1m, largely as a result of mixed sporting results and a move by recession-hit punters to place fewer and smaller bets.
The total amount staked by punters at Ladbrokes' 2,000 UK betting shops declined 7.2 per cent to £2.7bn, while gross win, the amount retained by bookmakers after paying out on winnings, at the shops fell 12.4 per cent.
Source: Financial Times of London
