Ladbrokes seeks savior to steer business to success.
Ladbrokes Chief Executive, Christopher Bell as announced that he will be stepping down from his £2 million a year post in the summer.
The decision follows a disastrous end to 2009 which saw over £30 million fall in operating profits being reported from July to September 2009. The poor performance was blamed on a barren start to the Premiership, which lacked draws and therefore favored punters.
Other catalysts, which left major shareholders disgruntled, are considered to be their heavily discounted £275 million rights issue and the scrapping of dividends due at the end of 2009.
Shareholders have increasingly been muttering to the Board over Ladbroke's £962m net debts and inability to achieve share performance at the level of rival bookmakers.
Parting Words
Peter Erskine, Chairman of Ladbrokes
statement reads: "Chris Bell has made an invaluable contribution to the
growth and development of Ladbrokes during his 20 years with the Company... The
Board is currently engaged in the search for a new Chief Executive to fully
capitalize on Ladbrokes' brand strength and position the Company for a new era
of profitable growth."
Bell himself gave an upbeat statement: "Ladbrokes is a great company. I have been privileged to be its Chief Executive for nine years and I am proud of all that we have achieved in that time. I look forward to doing all I can to support the Company during this period of transition."
A New Start for 2010
Ladbrokes are now headhunting a replacement for Bell and
are actively searching for someone who can improve the company's performance
and reduce their debts. All bets are now on for the new man in Bell's shoes.
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