Ladbrokes owner Entain this morning said its chief executive Shay Segev will leave after just seven months in the position.
Segev will exit after a six-month notice period to join sports streaming platform DAZN as Co-CEO, only days after Entain rejected an £8bn approach from MGM.
Chairman of Entain Barry Gibson said, “We are sorry that Shay has decided to leave us but recognise that we cannot match the rewards that he has been promised.
“This changes nothing with respect to the board’s view of the recent proposal from MGM Resorts International to acquire Entain. The board remains unanimous in our view that the proposal significantly undervalues the Company and its prospects.”
The global sports-betting group, formerly known as GVC, said its process to find a successor is already under way.
Segev said, “I have been offered a role which offers me a very different type of opportunity.
“I also want to emphasise that the recent interest from MGM Resorts has had absolutely no bearing on my decision, and I fully support the board’s decision to reject their proposal.”
Last week Entain made a £250m takeover bid for Swedish rival Enlabs after rejecting MGM’s approach days before.