Will Ladbrokes Part Way With CEO?Published October 1, 2013 by OCR Editor
Richard Glynn rumoured to be on chopping block at online gambling giant.
Rumors continue to circulate about the future of Ladbrokes CEO Richard Glynn, following the news last week that the online gambling giant's 2013 results are set to be significantly lower than originally forecasted.
Last week's news, which was the second negatively revised estimate from the company in three months, triggered a drop of over 8% in company shares. Chairman Peter Erskine said following the news that investors are "not thrilled" but are "supportive" - a comment that could signal troubled times ahead.
Erskine added: "While we are disappointed that the digital results are still not where we anticipated they would be, the board believes the strategy is the right one and that the actions taken to date, along with those planned for the coming months, will drive the long-term success of the business."
Glynn's Cloudy Future
Speculation that Glynn is on the chopping block was prompted by Erskine's refusal to commit to his tenure, commenting only that "We remain fully confident in this management team."
Many industry analysts believe that Glynn will be given more time in his role, but others believe time will run out before next year's FIFA World Cup, when online sportsbooks traditionally see a turn-around in fortunes.
Glynn recently had the last work to the Mail, calling himself "a big boy", and saying that he would be "big enough to accept as chief executive where that leaves me."