(Sharecast News) – Ladbrokes owner Entain rallied on Wednesday as it announced the appointment of Eminence Capital founder Ricky Sandler as a non-executive director with immediate effect.
Sandler is the founder, chief executive and chief investment officer of Eminence Capital, a global investment management organisation.
Entain said Sandler will also become a member of the company’s People & Governance and Capital Allocation committees and they will work together to identify an additional non-executive director mutually agreeable to Eminence and the company.
Chairman Barry Gibson said: “I am pleased to welcome Ricky to the Board of Entain. Ricky has a deep knowledge of our business and a firm belief in the quality of our operations and substantial growth opportunities. We look forward to benefiting from his perspectives and expertise as we work to drive value for all Entain shareholders.”
At 0925 GMT, the shares were up 1.5% at 1,000.40p.
Russ Mould, investment director at AJ Bell, said: “Gambling outfit Entain moved higher on news the Ladbrokes owner had appointed a director from one of its four new activist shareholders.
“After the departure of CEO Jette Nygaard-Andersen in December, the company needs to find some direction. At least last year’s conclusion of a HMRC probe into a legacy business in Turkey provides the company with something of a clean slate from which to try and get earnings on an upwards trajectory.”
