Tabcorp brings in Newman as chief financial officer

Australian gambling operator Tabcorp has appointed Adam Newman as its new chief financial officer.

Newman will take up the role in early October and replace Damien Johnston, who has been CFO of Tabcorp since 2011.

Newman joins Tabcorp from Australian energy company AusNet, where he has been serving as CFO since 2013. Prior to this, he also held senior leadership roles with steel producer BlueScope in both the Australia and the US.

“Following an extensive search I am very pleased that Adam Newman will join Tabcorp as chief financial officer,” Tabcorp managing director and chief executive David Attenborough said. “Adam brings deep experience in finance and operational leadership roles in complex environments.

“I would like to thank Damien Johnston, who has been CFO of Tabcorp since 2011. He will remain with the company for a short period to ensure a smooth transition.”

Confirmation of the appointment comes on the back of a mixed first half for the operator, which posted a year-on-year increase in group revenue, despite a decline in both revenue and profit in its wagering and media business.

Group revenue for the six months to December 31, 2018 amounted to AU$2.79bn (£1.54bn/€1.72bn/US$1.96bn), up from AUS$1.34bn in the first half of its 2017-18 financial year.

However, wagering and media revenue fell 3.8% to AU$1.22bn, while gaming services revenue also slipped 4.0% to AU$155.8m, both on a pro-forma basis.

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