MANAGING DIRECTOR AND CEO
POWER SCORE: 737
POSITION LAST YEAR: NIL
CLAIMS TO FAME
- Took helm of Australian wagering giant after 22 years with the company
TWENTY-TWO YEARS after first joining Tabcorp in a junior management role, Adam Rytenskild completed a stunning career progression earlier this year when he was appointed Managing Director and CEO of the Australian wagering giant.
Replacing long-time CEO David Attenborough in the top job, Rytenskild takes control at a fascinating time for the company following a recent demerger from its hugely successful lotteries segment.
Certainly he faces a significant challenge in lifting Tabcorp back to its former glory given the struggles its wagering arm has faced in recent years. Plagued by a lack of serious investment as the company focused its energies on the much larger lotteries arm – even the demerger was aimed at further boosting the value of lotteries rather than wagering – Tabcorp has also struggled in recent years to compete with the power of Australia’s corporate bookmakers (particularly Sportsbet) whose lower tax rates have enabled them to invest more into marketing.
At least Rytenskild has enjoyed some early success. New regulations introduced in Queensland in early June lowered the effective tax rate paid by Tabcorp while raising the Point of Consumption tax for corporates, while New South Wales announced similar changes just a few weeks later in a move described by Rytenskild at the time as “a positive step forward in levelling the playing field in NSW.”
The big question now is whether Tabcorp can reclaim its crown as the undisputed king of racing and wagering in Australia.
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