Tabcorp taps Coles' liquor finance GM for CFO

The news: Gambling giant Tabcorp has appointed Mark Howell as its new chief financial officer. He is currently general manager of liquor finance and network optimisation for Coles' liquor businesses Liquorland, Vintage Cellars and First Choice.

The numbers: Howell joined Coles in 2017 before the supermarket chain's demerger from Westfarmers. He has also held senior investment banking roles at Rothschild and Goldman Sachs.

The context: Tabcorp is in the process of transforming its wagering business to grow its digital revenue market share. This, combined with tough market conditions, has been weighing on profits. The board received a first strike on pay at the group's AGM last month, with more than 34% of shareholder votes opposing the remuneration report. Howell replaces outgoing CFO Daniel Renshaw, who stepped down in August for personal reasons.

What they said: "Mark is the perfect fit for Tabcorp as we deliver our transformation," Tabcorp chief executive Adam Rytenskild said in a statement. "He’s passionate about our growth story and dynamic in his thinking."