Lad16 Dec 2013 18:16
Leading investors in Ladbrokes have warned that time is close to “running out” for the bookmaker’s chief executive, Richard Glynn, after the group issued its fourth profit warning in just over a year.
Mr Glynn, who was lured from Sporting Index in April 2010 with a lucrative £12m bonus scheme, invoked the wrath of shareholders yet again on Thursday when he admitted operating profits at the group’s problem child digital division would be up to £17.5m lower this year than expected.
The admission was the latest episode in a torturous saga over Ladbrokes’ online business, which Mr Glynn orginally set out in 2011 to grow through a £50m “organic” strategy before performing a u-turn earlier this year when he signed a deal with software group Playtech to overhaul the division.
I rekon he will be gone before I take the tree down !