Cometh The Hour, Cometh The Woman, Entain Stalwart Stella David Appointed Permanent CEO

Shares in troubled UK-origin omnichannel Entain surged by near-eight percent in early morning trading today, Tuesday, on the London Stock Exchange following the news of stalwart Stella David’s appointment as permanent CEO.

David, a highly-respected gambling industry veteran, who has held a variety of roles at Entain–from Board member, Chair and temporary CEO–is seen as a safe pair of hands to restore the fortunes and reputation of the Ladbrokes brand owner – and crucially she knows the company in and out.

Her validation as permanent CEO comes after months of corporate uncertainty following the shock resignation of previous CEO Gavin Isaacs only days after he anchored a major presentation at ICE in Barcelona in January this year.

Isaacs, an ex Scientific Games Corp. CEO, had only months before replaced Jette Nygaard-Andersen, who was fired as Entain boss in December, 2023 after rumbling stockholder resentment over her M&A strategy, which was termed as excessive and over-priced.

Imbroglio

Entain–joint-owner with MGM Resorts International of top U.S. iGaming and online sports betting operator BetMGM, as well as a cluster of leading online brands, among them bwin, Sportingbet and PartyPoker, et al–has been riven by financial and other scandals in recent years, most notably a major money laundering breach at a Turkish affiliate when it was operating as GVC Holdings, under the leadership of gambling “legend” Kenny Alexander.

The Turkish imbroglio led to a massive £585 million fine (US$783.55), levied by British fiscal authorities at the end of 2023 — the biggest sanction in UK gambling history.

Stella David, overlooked for too long, say her supporters, now comes to Entain’s rescue.

In her own words she has already seen the company through “many, many challenges”.

Key shareholders have given her their full backing and she brings Entain “consistency and stability,” said newly-appointed Interim Chair Pierre Bouchut.

Why, one wonders, did it take the Entain Board so long to find the solution to their problems, when the answer, patently, was sitting under their very noses.