Tabcorp names board and management roles ahead of spin-off
Adam Rytenskild will replace David Attenborough as CEO of Tabcorp.
Australia.- Tabcorp has announced changes that will take place on the demerger of The Lottery Corporation Limited after the NSW Supreme Court approved the business’s spin-off proposal. Steven Gregg moves from chairman and non-executive director of Tabcorp to become chairman and non-executive director of The Lottery Corporation. Bruce Akhurst will chair Tabcorb.
Meanwhile, Harry Boon and Anne Brennan leave the Tabcorp Board to assume positions as non-executive directors of The Lottery Corporation, which will be spun off from Tabcorp on June 1.
David Attenborough has stepped down as Tabcorp’s managing director and chief executive officer and will be replaced by Adam Rytenskild on June 1. Adam Newman has stepped down as chief financial officer of Tabcorp to take up the role of chief financial officer of The Lottery Corporation. Daniel Renshaw will become Tabcorp’s chief financial officer.
Brett Chenoweth, Raelene Murphy and Karen Stocks will be appointed as non-executive directors to Tabcorp’s board, subject to receipt of all necessary regulatory and ministerial approvals. They will serve as observers to the board from June 1, 2022.
Tabcorp first announced plans to spin off its lottery and keno divisions in July 2021 following a strategic review of its operations. The review examined Tabcorp’s structure and ownership options to create more value for shareholders, including a possible sale of its gaming and media businesses. However, the group finally decided to spin off the lottery business.