Australian racing and wagering giant Tabcorp has revealed first details of how its current board and senior management teams will be split following a planned demerger of its Lotteries & Keno division next year, including the redeployment of current Chairman Steven Gregg as chair of the new entity.
Tabcorp announced in July that it would undertake a demerger of its Lotteries & Keno business after rejecting multiple proposals to acquire the company’s Wagering & Media arm. Under the demerger Lotteries & Keno will become a separate ASX-listed entity, with the Wagering & Media and Gaming Services divisions to remain under the existing listed Tabcorp entity.
At the company’s Annual General Meeting on Tuesday, Gregg revealed that he was planning to become chair of the new Lotteries & Keno entity once the demerger is complete, to be joined on the board by current Tabcorp directors Harry Boon and Anne Brennan.
Sue van der Merwe, the current Managing Director of Tabcorp’s lotteries and keno division, will become CEO with fellow Tabcorp executives Adam Newman and Patrick McGlinchey appointed CFO and Chief Legal & Risk Officer respectively.
Another Tabcorp director, Bruce Akhurst is designated to chair the existing entity, which includes Wagering & Gaming Co, where he will be joined by David Gallop, Janette Kendall and Justin Milne as non-executive directors.
Adam Rytenskild, current Managing Director of Wagering & Media, will be appointed CEO with Dan Renshaw CFO.
“A selection process to appoint further directors and executive team members has commenced,” Gregg said.
In a trading update to accompany Gregg’s commentary, Tabcorp Managing Director and CEO David Attenborough – who will step down from his role once the demerger is complete – revealed a 7.3% year-on-year decline in revenue for the three months to 30 September 2021 with COVID-19 restrictions in NSW and Victoria having a significant impact in the quarter. However, Attenborough refrained from providing exact figures and stressed the update should not be considered as guidance.