Entain PLC (LSE:ENT) shares climbed back up 4.5% on Wednesday after falling almost 11% the day before on the back of the departure of chief exec Gavin Isaacs after just five months.
"Entain has struggled to hang on to its CEOs in recent years," Deutsche Bank pointed out.
It noted that Kenny Alexander spent 13 years transforming £50 million market cap GVC Holdings into a FTSE 100 listed international group but since he left in mid-2020, Entain has been through four more CEOs.
"Management is adamant that there were no strategic disagreements behind the decision, and it was more an issue of 'stylistic differences'," analysts at the German bank wrote.
"And it is not all bad news. Stella David, the Chairman, only recently spent nine months as interim CEO and did a good job, streamlining the group strategy and rebuilding some upgrade momentum. She has committed to staying on for as long as it takes to find another replacement."
And it comes just a week after the group confirmed a strong end to the year for its US activities.
Analysts at Jefferies also agreed that the negative market reaction to yet more turmoil at Entain "will be slightly offset by the comfort derived from chair Stella David stepping back into the interim CEO role, a position she has previously successfully held.
"We do not expect a material change in strategic direction, with the outgoing CEO already tasked with accelerating the execution of the May 2024 strategic review."
** Update: Share price and extra comments added **