Tabcorp shares regain losses following Gillon McLachlan appointment
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More news: Tabcorp shares ended the trading day up 1.53% after falling at the open following the appointment of ex-AFL boss Gillon McLachlan as its new CEO.
Tabcorp shares fall after Gillon McLachlan appointment
More news: Tabcorp shares lowered in early trading on the ASX after the wagering business unveiled former AFL CEO Gillon McLachlan as its new managing director and chief executive.
Shares in Tabcorp were down 1.9% to $0.64 by 10:55am AEST. The company's shares have plunged 41.7% over the last 12 months.
Former AFL chief Gillon McLachlan appointed as Tabcorp CEO
The news: Tabcorp has appointed former Australian Football League CEO Gillon McLachlan as its new managing director and chief executive.
The numbers: McLachlan will join the gambling company on 5 August, subject to regulatory approvals, acting in an observer capacity in the interim.
Tabcorp said that during his tenure at the AFL he more than doubled revenues from $502 million in 2013 to $1.06 billion in 2023, including securing the largest sports broadcasting rights deal in Australian history.
McLachlan also oversaw the expansion of the AFL competition to 18 teams and the launch of the AFL women's competition.
In his new role, McLachlan will receive an annual fixed remuneration of $1.5 million with the ability to earn up to 150% of fixed remuneration through short-term incentive payments, and up to 200% through long-term incentive payments.
The context: Tabcorp's former chief executive and managing director Adam Rytenskild stepped down in March, after the board became aware of allegations that he had used "inappropriate and offensive language" in the workplace.
What they said: Tabcorp's executive chair Bruce Akhurst said: "Gill needs no introduction — he is recognised as one of Australia's leading CEOs and securing Gill is a great vote of confidence for Tabcorp's future".
"We've laid strong foundations and Gill brings a growth mindset and the capability to capitalise on the opportunities ahead of us," he said.
The source: ASX announcement
