Gregg has been named chairman-elect for the Westpac Banking Corporation (WBC). As such, he has given notice that he will retire from TLC within the next six months.
TLC said Gregg will leave the business no later than the end of the first quarter of 2024. He will assist with the transition to the new chairman over the coming six months.
“TLC is a wonderful company,” Gregg said. “It’s been a privilege to be part of its development and its recent listing as a top 50 company on the ASX. While it is with regret that I will, in due course, be stepping down from my roles at TLC, I have every confidence that the company is in a strong position.
“It is well placed to continue its journey under the capable leadership of Sue van der Merwe and her executive team and supported by an experienced and well-credentialed board.”
The Lottery Corporation emerges from Tabcorp demerger
TLC was created following the demerger of Tabcorp’s lottery operations from its wagering, media and gaming services in June 2022.
Tabcorp announced plans to spin off its Lotteries and Keno arm in July 2021 following a strategic review of operations. The review began four months earlier and considered a number of structural and ownership options for Tabcorp.
At the time, Tabcorp said a number of unsolicited proposals had been made for the division. These included bids from Entain, Betmakers and Apollo Global, but Tabcorp said none represented the true value of the division.
Tabcorp opted to retain its wagering arm and instead decided to spin off the lotteries business. This resulted in two separate companies being formed.
One business was renamed The Lottery Corporation, or TLC, and comprises most of the former Tatts business, but without gaming services. The second was named New Tabcorp and includes the wagering and media arm alongside gaming services.