CEO Haddock departs Betfred
Betfred chief executive John Haddock has left the company, with chairman and founder Fred Done to take over on an interim basis.
No reason has yet been given for Haddock’s departure after 30 years with Betfred and two years as chief executive.
The company announced a drop in earnings during the most recent financial year, but it was this week reported that it is set to be successful in its bid to buy hundreds of Ladbrokes and Coral shops.
“John Haddock has departed from the Betfred Group as CEO,” Done told the Racing Post newspaper.
“I would like to thank John for his 30 years of loyal unblemished service and I wish him well for the future.
“For the time being I shall be assuming all of John's duties.”
In June, Betfred reported that earnings before interest, taxation, depreciation and amortisation)was down 16% year-on-year to £56.5 million (€64.9 million/$72.9 million) for the 12 months to September 27 2015.
The company also reported an operating loss of £76.7 million due to exceptional items of £83.7 million.
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