UK gambling group Rank Group recently announced that its non-executive chairman Alex Thursby has decided not to seek re-election and will officially step down from his roles as chairman and board member at the annual shareholders' meeting on October 15. Thursby has held the position for six years.
Thursby joined the Rank Group board as a non-executive director in August 2017 and has been chairman since October 2019. Prior to joining Rank, he held several senior positions in banking, including CEO of the National Bank of Abu Dhabi from 2013 to 2016, and had a 20-year career at Standard Chartered Bank.
Thursby stated that after careful consideration of the group's strategic direction, now is the appropriate time for him to step down. He noted: "Rank is at an exciting turning point, with long-awaited casino legislation reforms being implemented and digital business expanding. I am proud of the progress we have made and am confident in the group's ability to write a new chapter in its history in good shape."
Rank Group has initiated the chairman succession process. The group stated that the selection process is "progressing smoothly" and expects to announce the appointment results in the coming months. During the transition period, senior independent director Karen Whitworth will serve as interim chair, Lucinda Charles-Jones will serve as interim senior independent director, and Keith Laslop will serve as interim chair of the audit committee.
Group CEO John O'Reilly expressed appreciation for Thursby's contributions, describing him as a "diligent and talented" chairman, and thanked him for his dedication to the group and its stakeholders.
Meanwhile, Rank Group's recently announced financial results for the fiscal year 2025 show a positive trend. The group's net gambling revenue increased by 8% to £795.4 million, and net profit surged by 248% to £44.6 million, with all core businesses achieving growth.
However, the group also noted that the UK will implement new gambling regulations starting April 2025, including raising the gambling research tax rate from 0.1% to 1.1%, and imposing betting limits on online slot games. Rank expects these changes to impact the profitability of its digital business.
