Ricky Sandler has been appointed to the board of Entain, effective immediately. Sandler will also join Entain’s People & Governance and Capital Allocation committees.
His primary role within the former committee will be to assist Entain in identifying an additional non-executive director who is agreeable to both Eminence and Entain.
Sandler, the founder of New York-based Eminence Capital in 1999, served as its CEO for over 25 years and currently holds the position of chief investment officer.
His extensive experience includes co-founding Fusion Capital Management and working as a research analyst for Mark Asset Management Corporation.
Expressing his excitement about the appointment, Sandler mentioned his pleasure in joining a company with “enviable” positions in global markets and his eagerness to support Entain in its long-term growth plans.
He praised Entain’s strong market-leading brands, unique technology platform, and strategic positions in key geographies worldwide, emphasizing his commitment to creating lasting value for shareholders.
Entain’s chairman, Barry Gibson, also welcomed Sandler to the board and highlighted Sandler’s deep knowledge of the company and his belief in its operational quality and substantial growth potential.
However, Sandler’s appointment comes with a backdrop of previous criticism he has leveled at Entain.
He previously urged Entain to sell its stake in BetMGM, a joint venture with MGM Resorts, and criticized Entain’s acquisition of STS in Poland.
Sandler was critical of Entain’s decision to fund the STS acquisition through the issuance of shares representing approximately 8% of its market capitalization, which he described as “perplexing on many levels.”
Sandler pointed out that Entain’s share price fell 8% in the days following the announcement of the STS deal, resulting in a loss of over £650 million in market value.
He criticized the board and management team as “tone-deaf” and warned that shareholders losing confidence in Entain’s capital allocation could support a sale of the company to MGM at a lower price than previously assumed.
Sandler’s appointment follows the departure of Jette Nygaard-Andersen as CEO of Entain, with Stella David taking on the role of interim chief executive.
Other changes in the board and board committees include the appointment of Pierre Bouchut as senior independent director, Virginia McDowell as chair of the Remuneration Committee, and Barry Gibson as chair of the People and Governance Committee.
Rahul Welde has also been appointed as a member of the People and Governance Committee.
Nygaard-Andersen’s resignation coincided with Entain resolving a case with the Crown Prosecution Service regarding historic activities in Turkey, resulting in a substantial financial penalty and charitable donation.