Ladbrokes owner Entain PLC (LSE:ENT) said its chair Barry Gibson is stepping down, while the search for a new chief executive continues.
Gibson, the former Littlewoods CEO and HomeServe chair, is retiring and will leave by the end of September, to be replaced by current non-executive director and interim CEO Stella David.
Gibson could potentially leave earlier, the bookmaker said, depending on the timing of the appointment of a permanent CEO.
Having joined the board in late 2019 and becoming chair in February 2020, his reign will be best remembered for turning down an £8 billion takeover offer from US partner MGM and a £15 billion one from US rival DraftKings, the latter almost three times the company's current market cap.
However, Entain noted that during his tenure, the group has grown its underlying profit by over 50% to roughly £1 billion, with the US joint venture BetMGM going from a start-up to $2 billion of revenue.
Gibson said it has "been a privilege" and that he "reflected a little while ago that 2024 would be the right time for me to retire".
David, former boss of drinks businesses William Grant and Bacardi, was given the CEO reins after the departure of Jette Nygaard-Andersen at the end of last year after three years in the role, including the rebuffed takeover offers.