Alex Thursby steps down as Rank Group chair
Rank’s chair will leave the role after six years.
UK.- Alex Thursby has announced that he will step down as the chair of Rank Group, the gambling operator that owns the Grosvenor Casino and Mecca Bingo brands. He said that he will not seek re-election and will leave the role at the company’s annual general meeting on October 15.
Thursby’s departure will come after seven years in the role. He joined Rank’s board in August 2017 as a non-executive director and became chairman in October 2019. Before joining the Rank board, he was chief executive of the National Bank of Abu Dhabi between 2013 and 2016. He previously held senior leadership positions at Australia and New Zealand Banking Group and spent two decades at Standard Chartered Bank.
Commenting on his decision, Thursby said: “For a number of months now I have been reflecting on this exciting inflection point for Rank, with the long-awaited legislative reforms for casinos now being implemented and a digital business which is beginning to scale,” Thursby said. “I believe now is the right time to step down.
“I do so with a combination of pride in the progress we have made, including in terms of governance processes and procedures, and also with confidence that Rank is in excellent shape to write the next exciting chapter of its rich history.”
Rank said a search for Thursby’s successor is underway, with an announcement expected in the coming months. In the meantime, Karen Whitworth will step in as interim chair, Lucinda Charles-Jones will take on the role of senior independent director, and Keith Laslop will serve as audit committee chair.
Rank’s chief executive John O’Reilly said Thursby’s leadership and guidance had been instrumental to the group’s recent achievements. “Our recent successes and outlook are due in no small part to his sure-footed guidance and invaluable leadership,” he said.
This transition follows Rank’s release of its full-year financial results, which showed an 8 per cent increase in net gaming revenue, reaching £795.4m. Net profit surged by 248 per cent to £44.6m. However, the company highlighted the financial impact of new UK regulations, including the statutory gambling levy introduced in April and the new stake limits for online slots of £5 for most users and £2 for those under 25. These changes affected digital earnings by around £1m in the final quarter, with an estimated annual impact of £4m, Rank said.
However, UK land-based gambling reforms have benefited the company, which is currently expanding its portfolio of gaming machines following changes to the permitted ratios. It’s also preparing to launch sports betting at land-based casinos.
