Ladbrokes PLC (LON:LAD) announced today that its Chef Financial Officer Ian Bull will leave the company in February 2016.
The move is related to the merger of Ladbrokes and Coral, which has yet to be completed. The role of Finance Director of the new combined business will be assumed by Paul Bowtell, Coral’s Chief Financial Officer.
Ian Bull has agreed to stay with the business until the announcement of the 2015 full year results scheduled for the end of February 2016. If Ladbrokes’ proposed merger with the Coral Group completes earlier than planned, Mr Bull would leave shortly after completion and if the merger completes after this date then the Board will put in place appropriate arrangements.
Peter Erskine, Chairman, commented:
“Ian has worked tirelessly through what have been challenging times and has helped steer Ladbrokes to this exciting point in its journey. We are pursuing an aggressive organic plan to build a stronger Ladbrokes as well as working on the proposed merger with the Coral Group, which will create a leading betting and gaming business and deliver substantial synergies.
“At the time of announcement of the proposed merger with Coral, we announced that Ian would be stepping down as Ladbrokes CFO and Ian has recently informed the Board that he wished to leave Ladbrokes on completion of the annual accounts, in order to pursue other potential opportunities.
Mr Bull was appointed Chief Financial Officer and a director of Ladbrokes in 2011. Prior to that, he was Group Finance Director of Greene King plc. Between 1997 and 2005, he held a number of senior positions with BT Group plc, including CEO, BT Retail Enterprises and CFO, BT Retail. Before this he was Vice President, Finance, Buena Vista Home Entertainment (Walt Disney Group) from 1993 to 1997 and with Whitbread plc from 1990 to 1993. He is a non-executive director of St. Modwen Properties PLC.
The Ladbrokes-Coral merger has led to a financial win for Playtech PLC (LON:PTEC). It was following the deal announcement that Playtech announced it was due £75 million under a marketing agreement from March 2013.
To view the official announcement on the pending departure of Ian Bull, click here.