Erskine bows out as Ladbrokes suffers second loss in one month

 
Adam Hignett
LADBROKES suffered a further blow yesterday after the embattled bookmaker saw its chairman stand down just one month after the departure of its chief executive.

Peter Erskine, who has been chairman of the FTSE 250 company for six years, announced his departure ahead of the firm’s annual general meeting saying he would stand down by the end of the year. His departure comes in the wake of former chief executive Richard Glynn’s resignation after coming under pressure from shareholders regarding the firm’s lacklustre performance.

In the statement, Erskine said his resignation after six years will allow the firm to continue its modernisation, adding: “In recent months I, and the board, have overseen the transition from Richard Glynn to a new CEO, Jim Mullen. I feel that now, with stronger foundations in place and with our new CEO looking to build on the changes made, it is the right time for there to be a change in chairman to one who will be able to see out the entirety of the next stage of the journey.”

Investors reacted to the news by sending shares down 0.3 per cent.

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