Richard Glynn is stepping down from his post as CEO of Ladbrokes soon after a few years of leading the company. The decision was announced in December last year and will soon come to effect.
Reasons for resignation
It is widely believed that Glynn was asked by the board of directors at Ladbrokes to step down from his position. It was done as he failed to expand the business, and this was why he was hired in the first place. However, his performance at the company was less than satisfactory and the board felt it was time to change leadership and change the fortunes of the company.
Another reason touted as the reason for the ouster is that Glynn was unable to match up to the success of William Hill, which has been a rival of Ladbrokes for a long time now. When William Hill had partnered with Playtech, it achieved a lot of success. However, the partnership between Ladbrokes and Playtech didn’t see the same level of success even though the two companies launched a few products together.
Other factors related to resignation
It wouldn’t be wrong to assume that maybe Glynn was trying to do too much at the same time and ended up succeeding at nothing. He had planned many strategic moves such as wanting to buy companies like Playtech and 888 Holdings but not going forward with these plans. Then he partnered with Playtech instead. He had also planned a business strategy to expand the company’s digital business.
However, once again he didn’t go forward with it. All this poor planning meant a very low operating profit for Ladbrokes in 2013. It is what must have prompted the directors to take some concrete measures to save the company from being takeover by more profitable companies.