Tabcorp MD and CEO resigns

Tabcorp’s managing director Adam Rytenskild and CEO has resigned his position and is stepping down with immediate effect.

The announcement follows the Tabcorp board becoming aware of “inappropriate and offensive language used by Mr Rytenskild in the workplace.”

The company stated that Rytenskild would only receive the termination payments required by law and not his long- and short-term incentive awards.

“Tabcorp expects its leaders to uphold company values at all times and will not hesitate to take action to uphold expected standards of conduct,” the company explained.

“To protect the privacy of those involved, Tabcorp does not intend to make any further comment in relation to the conduct.”

Maritana Partners has been appointed by the board to conduct a global search for a new MD & CEO. In the interim, Bruce Akhurst will be taking on additional duties as executive chairman.

“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,” said Akhurst.

“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 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.”