Gavin Isaacs steps down as Entain CEO
Entain non-executive chair, and previous interim CEO, Stella David, will resume the role while a permanent replacement for Isaacs is found.
Isaacs had been in the role for five months after assuming the CEO role in September. Prior to joining Entain, Isaacs held numerous senior executive roles within the B2B sector. He most recently served as chair of Games Global and previously held board roles at DraftKings, Jackpocket and SBTech.
As an executive he led Scientific Games and SHFL as CEO and served as COO of Bally Technologies and president of the Americas for Aristocrat.
Entain’s investment in Isaacs
Upon joining Entain Isaacs was handed a basic annual salary of £875,000 and he was entitled to a long-term incentive plan equivalent to 450% of his basic salary.
His pay package also included a 6% pension allowance and relocation assistance to support his move from the US to the UK.
The company also provided a buy-out award to compensate for awards forfeited as Isaacs stepped down as Games Global chair to join Entain.
The industry responded largely positively to Isaacs joining Entain last year. Writing for iGB in August Jon Bruford praised Isaacs for recognising the importance of building a great team.
MGM CEO Bill Hornbuckle approved of Isaacs’ hire at Entain, saying he would “do wonders for that business and ultimately the market”.
“Mutual” decision for Isaacs exit
In its statement Entain said Isaacs’ departure was a “mutual” decision. The board is pleased with the company’s performance in 2024, it added.
“Entain is making strong progress in delivering our strategic priorities” the investor update said. “We would like to thank Gavin for his contribution.
“The board and management remain aligned on the group’s focus on operational excellence and maximising shareholder value. I look forward to leading the business as we continue to accelerate our performance.”
Entain FY2024 EBITDA guidance remains the same
As David reassumes the role of CEO, senior independent director Pierre Bouchut will become non-executive chair on an interim basis. Bouchut joined the Entain board in 2018 and previously worked predominantly in the fast moving consumer goods sector.
The company said it is still expecting its January FY2024 EBITDA guidance to be at the top of the £1.04 billion to £1.09 billion range.
Entain will release its FY2024 results and an update on current trading on 6 March 2025.
Isaacs sat down with iGB@ICE in January to discuss his long career in B2B gaming and giving Entain brands more flexibility.
Shares in the operator were trading down 9.59% at 671.00 pence per share in London following Isaacs’ departure.