Adam Rytenskild steps down as Tabcorp CEO and managing director
Rytenskild was accused of using “inappropriate and offensive” language in the workplace.
Australia.- Tabcorp has issued a company filing announcing that Adam Rytenskild has resigned as managing director and chief executive officer (MD & CEO) after using inappropriate and offensive language in the workplace. The board has appointed Maritana Partners to conduct a global search for a replacement. Bruce Akhurst will take on additional duties as executive chairman with immediate effect.
Tabcorp said: “The Board considered the language to be inconsistent with Mr Rytenskild’s continued leadership of the organisation and following discussion with the Board, Mr Rytenskild has tendered his resignation and will step down immediately.”
As per his contract and legal requirements, Rytenskild will only receive termination payments and will forfeit all unvested incentive incentive awards. Akhurst will serve as executive chairman until a permanent MD and CEO is appointed.
Tabcorp said it has a zero-tolerance policy towards unethical conduct and expects its leaders to uphold company values
Akhurst said: “The Board regrets that Mr Rytenskild’s employment has ended in this way and acknowledges his commitment to Tabcorp’s growth over more than two decades, including the last two years as MD & CEO and his contribution to the transformation of the company.
“Today’s change does not impact the strategic direction of the company. We have the depth and capability across the executive and the senior leadership team to continue our transformation.
“We remain focused on executing our strategy at pace, transforming our competitiveness, growing market share, levelling the playing field for fees, taxes and regulation, and reshaping the business to deliver a more efficient and effective organisation. Tabcorp is on track to deliver this and create a growing and more valuable company for shareholders.”
Rytenskild said: “I don’t recall making the alleged comment and it’s not a language I would usually use, but I have regrettably agreed to resign. Tabcorp has been an enormous part of my life for many years and I believe in the journey the company is on.”
