Poll: Has Richard Glynn's Ladbrokes tenure been a success?
Ladbrokes announced last week that chief exec Richard Glynn is to stand down in 2015, but has he achieved what he set out to?
Ladbrokes’ announcement that chief executive Richard Glynn is to stand down in April 2015 immediately began talk of his legacy as head of one of gambling biggest brands.
During his tenure Glynn has overseen one of the most significant periods of change in Ladbrokes 90 year hsitory and has had to shrug off repeated speculation regarding his future at the firm as digital profits dwindled.
Glynn was hired from Sporting Index in April 2010 and immediately given the remit of renovating Ladbrokes’ digital business, which in 2010 recorded an EBITDA of £62.7m.
Since then digital profits have slumped to a low of £8.2m in 2013 and 2014 digital EBITDA is forecast to be around £13m as the firm comes out of a difficult period.
But after several aborted false starts the joint-venture deal with Playtech appears to be bearing fruit, and Chairman Peter Erskine said Ladbrokes is a “far stronger company as a result of his work”.
While the transformation plan had taken longer than expected there is little doubt Ladbrokes is now headed in the right direction.
The operator’s mobile sportsbook product is now considered one of the best in class and in October Ladbrokes revealed its gaming division had returned to growth.
It now feels like a modern egaming business, which is ready to compete with the best in the sector in both sports betting and gaming.
With that in mind, this week’s eGaming Review poll asks if Richard Glynn’s five-year spell in the hot seat at Ladbrokes has been a success. Have your say on the right-hand side of the page.