Entain plc (LON:ENT), the global sports betting and gaming group, announces that Gavin Isaacs has been appointed as Chief Executive Officer, effective from 2 September 2024.
Gavin has over 25 years of experience across the global sports betting, gaming and lottery industries. His broad leadership experience has been built through previous roles within companies including Scientific Games Corporation, DraftKings Inc, SB Tech, Bally Technologies Inc, and Aristocrat Technologies. In 2022, Gavin was inducted into the American Gaming Association’s Hall of Fame, reflecting his extensive industry expertise leading and building a wide range of businesses.
In line with the previously announced succession plan, and to support a smooth transition, Stella David will work alongside Gavin Isaacs before succeeding Barry Gibson as Chair of Entain following his retirement on 30 September 2024.
Barry Gibson, Chair of Entain, said: “On behalf of the Board, I am delighted to welcome Gavin to Entain. We are confident that his proven leadership and operational experience mean that Gavin is the right person to take Entain into its next chapter. I would also like to thank Stella David and Entain colleagues for the significant operational improvements and progress made so far towards our strategic priorities.”
Stella David, Interim CEO & Chair Designate, said: “I am looking forward to working with Gavin and transitioning into my new role as Chair of this fantastic business. The positive progress we have already achieved means the business has strong building blocks in place for the future. I am confident that with Gavin’s leadership we will realise the ambitious plans that we have for Entain.”
Gavin Isaacs, said: “I am very excited to be joining 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. I am confident that Entain has an extremely bright future, and I look forward to leading the Group in capitalising on the opportunities ahead and creating value for all its stakeholders.”
This announcement contains information that qualifies or may qualify as inside information within the meaning of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018. The person responsible for releasing this announcement on behalf of the Company is Simon Zinger, General Counsel.
Upon the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.
Supplementary Information
About Gavin Isaacs
Gavin is currently a Non-Executive Director of Games Global Limited, an iGaming content supplier incorporated in the Isle of Man, having previously served as Chairman for two years. He has over 25 years of experience across the global sports betting, igaming, gaming and lottery industries. In 2022, he was inducted into the American Gaming Association’s Hall of Fame, reflecting his extensive industry expertise built by leading and building a wide range of public and private businesses, from established multi-billion-dollar global companies to innovative start-ups. Gavin was previously Chair of SB Tech prior to its sale to DraftKings Inc in 2020 and has held a number of Board or C-suite roles for companies including Scientific Games Corporation, DraftKings Inc, SHFL Entertainment, Bally Technologies Inc, and Aristocrat Technologies. He started his career practicing as a solicitor with large corporate law firms in his native Australia.
Gavin holds a Bachelor of Commerce, Accounting and Financial Systems and a Bachelor of Laws from the University of New South Wales, Australia as well as a Master of Laws from the University of Sydney, Australia
Notification under Listing Rule 9.6.13
Prior to date of appointment, Gavin will step down as a Director of Galaxy Gaming Inc, a US listed game content provider. Gavin was previously a Non-Executive Director of DraftKings Inc. from April 2020 to May 2021.
No disclosure obligations arise under paragraphs (2) to (6) of Listing Rule 9.6.13.
Remuneration
All remuneration for Gavin Isaacs is in line with Entain’s Remuneration Policy, as approved by shareholders in 2023. Further details are set out below:
· A basic annual salary of £875,000, in line with that received by Stella David
· A pension allowance of 6% of salary, in line with the maximum employer contribution level available to our UK-based employees
· Standard Entain executive benefits package, including an initial period of relocation assistance to support with Gavin’s move from the US
· A maximum annual bonus opportunity of 250% of salary and a maximum LTIP opportunity of 450% of salary, aligned with our Policy
· Entitlement to participate in the annual bonus scheme for 2024 will be pro-rated to reflect time in role
· A 2024 LTIP grant of 450% of salary. The Remuneration Committee wished to ensure that Gavin was fully aligned to the successful delivery of Entain’s strategy and shareholders’ interests from the start of his time in role
· Gavin will be required to build a shareholding in Entain to the value of 450% of his salary
· Gavin will receive a buy-out award to compensate for awards forfeited on leaving another role to join Entain. In line with the provisions of our Policy, the award will be made on a fully like-for-like basis with the forfeited original award in terms of value and vesting and holding period timeframes
Full details of Gavin Isaacs’ remuneration will be included in our 2024 Directors’ Remuneration Report.
