The chief executive of Ladbrokes, is stepping down after almost 20 years
Chris Bell (chief executive), who joined Ladbrokes in 1991 and became managing director four years later, will leave in the summer by “mutual agreement” according to a company executive. Ladbrokes is expected to issue a statement today.
Not a Ladbrokes user, yet? Register here…
One insider said: “Chris has done the job longer than most chief executives. He’s had enough, simple as that.” Another industry executive said: “Ladbrokes has been a lacklustre investment in the last two years and mistakes have been made.”
Mr.Chris Bell has been group chief executive since 2006 when Ladbrokes was demerged from the Hilton Hotels group and Mr Bell found himself running a FTSE 100 company. At the time he said: “I can’t believe it really. Young humble lad from Doncaster just about to run one of the country’s top 100 companies.”
It is believed that Mr Bell has been thinking about leaving for almost a year and discussed it with Peter Erskine last May, when the former boss of O2 had just become chairman.
Ladbrokes will launch a search for Mr Bell’s replacement imminently. Brian Wallace, the finance director, has previously been tipped as a successor. Analysts last night said they were no longer sure he was interested.
In October 2009, Ladbrokes launched a £275 million rights issue to help cut its £962 million debt. Earlier in the year, Ladbrokes had responded to the tough trading environment by cutting its dividend and putting its loss-making Italian betting shops up for sale for an estimated £50 million.
In August, the group reported a 26 per cent fall in first-half operating profits to £98.6 million, from net revenues down 6.6 per cent at £504.4 million, amid a reduction in the amount staked and after sports results, notably the final weeks of the Premier League, had run in the punter’s favour.
Ladbrokes, along with William Hill, its main rival, also announced that they were moving their internet sports betting operations to Gibraltar. The move is expected to save Ladbrokes £7 million net in tax and other costs and allow it to offer better odds.
Not a Ladbrokes user, yet? Register here…
Mr.Chris Bell hit the headlines in 2008 when he banned his company’s 14,000 staff from using British Airways after his teenage daughter had a bad experience. She and a friend were bumped off a flight from Barbados. He retracted the ban after a personal apology from Willie Walsh, BA’s boss.
Mr.Chris Bell spent 12 years at Allied Breweries before going into gambling.
He earned £2.04 million last year, including £617,000 basic pay and a £957,000 bonus.
Mr.Chris Bell is also vice-chairman of the Association of British Bookmakers, chairman of the Bookmakers’ Committee, a member of the Horserace Betting Levy Board and a non-executive director of Game Group, the computer games retailer.
