Australia's Tabcorp Appoints Former AFL Boss Gillon McLachlan as CEO
Shares of the bookmaker were trading 1.5% higher at A$0.67 as of 0457 GMT after declining 3.8% earlier in their biggest intraday fall in nearly three weeks.
Australian gambling services firm Tabcorp Holdings on Monday appointed former Australian Football League (AFL) boss Gillon McLachlan as its chief executive and managing director. The appointment comes months after former chief Adam Rytenskild resigned over allegedly using "offensive" and "inappropriate" language at the workplace and as the firm navigates a strategic transformation amid heightened competition pressures.
"TAH has been without CEO since Mar-24, and given the variety of initiatives ongoing within the company, the appointment of Gillon McLachlan should be seen as positive," analysts at Jefferies wrote in a note.
Shares of the bookmaker were trading 1.5% higher at A$0.67 as of 0457 GMT after declining 3.8% earlier in their biggest intraday fall in nearly three weeks. By Friday's close, the stock had shed nearly 22% this year, pressured by a loss in the first half owing to a one-off non-cash impairment charge related to its wagering and media business.
McLachlan was the AFL chief executive for a decade during which he contributed to significant revenue growth and oversaw its expansion. He will join Tabcorp on Aug. 5 and assume the roles of CEO and MD upon receiving regulatory approvals, the company said. He will receive an annual fixed remuneration of A$1.5 million.
"In the two years since demerger, we have significantly improved our customer offering and delivered key structural reforms in Queensland and Victoria," Tabcorp Executive Chairman Bruce Akhurst said in a statement. "Gill brings an added dimension of having been responsible for some of the most significant media rights deals in Australian sports history and we're excited about the potential growth opportunities for our wagering and media business under his leadership."
