In January 2021, Jette Nygaard-Andersen took the reins as CEO of Entain, succeeding Shay Segev, who had moved on to join sports streaming platform Dazn.
Nygaard-Andersen had previously served as a non-executive director before assuming the CEO role. However, recent developments have led to significant changes in the company’s leadership.
Stella David, currently a non-executive director, has been appointed as the interim CEO while the company embarks on the search for a permanent replacement.
David will assume her role immediately. Entain’s chairman, Barry Gibson, praised Nygaard-Andersen’s tenure, citing her leadership in steering the company through a transformative phase.
Under Nygaard-Andersen’s leadership, Entain shifted its strategic focus toward regulated markets, revamped its governance, improved operations, and enhanced customer offerings.
David, who brings a wealth of commercial experience from various industries, is expected to continue the company’s growth trajectory during this transition period.
Nygaard-Andersen’s departure comes shortly after Entain reached a deferred prosecution agreement (DPA) with the Crown Prosecution Service (CPS) regarding historical activities in Turkey.
The DPA requires Entain to pay substantial financial penalties and make charitable donations over the next four years.
Nygaard-Andersen played a pivotal role in negotiating the DPA, demonstrating exceptional leadership in a challenging period for the company.
Despite the difficulties, the resolution of the HMRC investigation into legacy business transactions has left Entain in a stable and sustainable position.
While Nygaard-Andersen helped stabilize the company during the CPS case, recent challenges have emerged, including a downgrade by Goldman Sachs due to concerns about business growth, particularly in the online division.
Goldman Sachs projected negative pro-forma online growth for Q4 of 2023 and H1 of 2024, with a return to growth expected only in the second half of the following year.
Entain’s focus on the US market through the BetMGM joint venture has shown mixed results, with market share holding steady but not significantly increasing.
Additionally, the company’s recent expansion into the UK with LeoVegas rather than Entain raised questions about its strategy.
Throughout her tenure, Nygaard-Andersen faced criticism for slow revenue growth and increasing regulatory obligations.
The period leading up to her resignation also saw multiple M&A activities, including the acquisition of STS Holding and Angstrom Sports, indicating the company’s continued efforts to expand and diversify.
As Entain seeks a new permanent CEO, Stella David will guide the company through this transition period, aiming to build on Nygaard-Andersen’s achievements and address the challenges ahead.