Global gambling giant Entain is about to undergo a significant financial leadership transition. Rob Wood, who has served the company for 13 years as the Group Chief Financial Officer (CFO), will step down in March next year, with his position to be taken over by Michael Snape, who has extensive financial experience in the retail industry. This change of leadership comes at a critical time when the company's performance is solid but faces significant tax increases in the UK.
Veteran Wood retires after witnessing Entain's thirteen-year transformation
Rob Wood's departure marks the end of an era. He joined Entain in 2012, starting as the CFO of the UK retail operations, was promoted to Group CFO in 2018, and has served as Deputy CEO since 2021. During his tenure, Entain underwent a rebranding from GVC to Entain and experienced several CEO changes, including Jette Nygaard-Andersen and Stella David. Wood stated that with the long-term success path of Entain and its joint venture BetMGM now established, it is the right time for him to pass on the baton. CEO Stella David highly praised his expertise and dedication, crediting him with helping successfully transform the company into a global enterprise today.
Successor Snape comes with a distinguished background, having led major corporate sales
The successor, Michael Snape, is not new to the gambling industry, but he brings cross-industry senior financial and operational experience. He is currently the CFO of the global logistics company International Distribution Services Group, having recently led the company's delisting and sale, a major project. Prior to this, he held senior financial positions at retail giants such as Boots under the Walgreens Boots Alliance, Tesco, and Waitrose under the John Lewis Partnership. Snape expressed his excitement about joining Entain during this "thrilling moment" of growth and transformation. David believes his seasoned leadership, financial and operational expertise, and international experience will be "extremely valuable" in continuing to execute the company's strategic priorities.
Performance meets standards but outlook under pressure, UK tax reform poses a challenge for the new CFO
Despite the leadership changes, Entain's performance remains solid to date. The company stated that its FY2025 performance "meets" market expectations, with EBITDA reaching £1.14 billion as of December 10, within its third-quarter forecast range of £1.1-1.15 billion. The group's net gaming revenue also grew by 6% year-over-year. However, the challenges facing the new CFO Snape are clear. The UK government has decided to significantly increase remote gambling taxes, with remote gaming duty soaring from 21% to 40%, and remote betting duty from 15% to 25%. CEO David expressed "deep disappointment" with this and warned that such disproportionate tax increases could not only harm the industry but also increase customer risk by driving players towards unprotected, illegal operators. How to maintain the company's financial health and growth in this unfavorable regulatory environment will be Snape's primary task upon taking office next year. Industry observers can continue to follow the specific impacts of such regulatory changes on global operators through the PASA official website.
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This article is from "PASA-Global iGaming Leaders," a gambling industry news channel:https://t.me/pasa_news
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