The Managing Director and CEO of Australian racing and wagering giant Tabcorp has stepped down with the company citing “inappropriate and offensive language” used by him in the workplace, the company announced late Thursday.
In a statement, Tabcorp said its Board of Directors “considered the language to be inconsistent with Mr Rytenskild’s continued leadership of the organization and following discussion with the Board, Mr Rytenskild has tendered his resignation and will step down immediately.”
It added that Rytenskild will only receive termination payments as required by law and under his contract, and will forfeit all his unvested short term incentive and long term incentive awards.
“Tabcorp expects its leaders to uphold company values at all times and will not hesitate to take action to uphold expected standards of conduct,” the company said.
Tabcorp said it has appointed Maritana Partners to commence a global search for a new Managing Director and CEO, with current chairman Bruce Akhurst to fill the role of Executive Chairman in the meantime.
Akhurst said, “The Board regrets that Mr Rytenskild’s employment has ended in this way and acknowledges his commitment to Tabcorp’s growth over more than two decades, including the last two years as Managing Director and CEO and his contribution to the transformation of the company.
“Today’s change does not impact the strategic direction of the company. We have the depth and capability across the executive and the senior leadership team to continue our transformation.
“We remain focused on executing our strategy at pace, transforming our competitiveness, growing market share, levelling the playing field for fees, taxes and regulation, and reshaping the business to deliver a more efficient and effective organisation. Tabcorp is on track to deliver this and create a growing and more valuable company for shareholders.”
Rytenskild, who just a day earlier gave a Keynote Address at the Regulating the Game conference in Sydney, was quoted as stating, “I don’t recall making the alleged comment and it’s not language I would usually use, but I have regrettably agreed to resign. Tabcorp has been an enormous part of my life for many years and I believe in the journey the company is on.”
