Activist investor appointed to Entain board

Gambling giant Entain (LSE: ENT) has appointed Ricky Sandler, founder of $6.5 billion activist hedge fund Eminence Capital, to its board of directors. The move comes as part of a cooperation agreement limiting Eminence’s stake in Entain to 8%.

Sandler will serve as a non-independent, non-executive director on Entain’s board for three years. His appointment follows the recent sudden departure of Entain’s CEO Jette Nygaard-Andersen.

Entain shares initially jumped 2.6% on news of Sandler’s appointment, but have since settled to trade 1.5% higher at 1,000.50 pence by late morning.

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Sandler said he looks forward to “helping Entain achieve long-term success and create lasting value for its shareholders.” The activist investor’s appointment suggests major strategic changes could be in store for the betting and gambling giant.