Entain CEO steps down as gambling giant agrees £585M settlement

Entain (LSE: ENT) stock jumped 4.7% Wednesday after the UK gambling firm said CEO Jette Nygaard-Andersen has resigned with immediate effect amid a £585 million settlement relating to historical bribery offences.

Stella David, a non-executive board member, replaces Nygaard-Andersen as interim chief executive while the Ladbrokes and bwin owner searches for a permanent new leader.

Entain admitted failings in its procedures to prevent bribery at a former Turkish business sold in 2017. The company will pay a £585 million penalty and make additional donations over four years under a deferred prosecution agreement with UK authorities.

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Chair Barry Gibson praised Nygaard-Andersen’s “exceptional leadership” but said David’s “intensely commercial” experience across industries makes her well-qualified to guide Entain as it aims to expand in regulated markets.

Shares in the betting and gambling group have plunged 40% over the last year.