Gavin Isaacs to lead Entain as new CEO starting September 2024

Garance Limouzy July 22, 2024

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Gavin Isaacs to lead Entain as new CEO starting September 2024

Entain has announced the appointment?of Gavin Isaacs as its new Chief Executive Officer (CEO). He will officially step into the role on September 2, 2024.

Isaacs takes over from Stella David, who has served as the interim CEO since Jette Nygaard-Andersen’s departure late last year. David is slated to transition into the role of Chair of Entain at the end of September, succeeding Barry Gibson.

25 years of experience

Gavin Isaacs has been working for over 25 years in the sports betting and gaming sectors. His most recent role was as Chair of Games Global, a position he has resigned from, effective immediately to assume his new responsibilities at Entain. Isaacs will remain on Games Global’s board as an independent non-executive director.

Isaacs’ career included roles as Chair of SBTech, board member at DraftKings, and CEO of Scientific Games, now known as Light and Wonder. His previous leadership roles also encompass serving as CEO of Shuffle Master, Chief Operating Officer at Bally Technologies, and President of Aristocrat Technologies. His contributions to the industry were recognised with his induction into the American Gaming Association’s Hall of Fame in 2022.

A new vision for Entain

“The company’s iconic brands, exceptional talent, and ongoing execution of its refocused strategy will enable the business to return to a leadership position across all aspects,” Isaacs commented.

Outgoing interim CEO Stella David, who will soon transition to the Chair role, welcomed Isaacs’ appointment. David praised the progress made during her interim leadership and expressed confidence that Isaacs’ experience and vision will propel Entain towards its ambitious plans. “The positive progress we have already achieved means the business has strong building blocks in place for the future,” David stated.

Entain’s challenges

Isaacs’ appointment comes at a time when Entain is navigating through a period of considerable transition and scrutiny. Nygaard-Andersen’s resignation in December 2023 followed a challenging period marked by a ￡936.5 million net loss and a deferred prosecution agreement with the UK’s Crown Prosecution Service (CPS) related to activities in Turkey. This agreement required Entain to make substantial financial penalties and contributions over several years.

Investor discontent has also been a significant factor, with concerns about the company’s acquisition strategy and revenue growth. Activist investors have pushed for strategic reviews and potential divestments, leading to a reassessment of Entain’s portfolio.

The latest financial update from Entain indicates a mixed performance, with revenue showing a slight decline but shares trading up by 5.53% as of July 22, 2024.