Entain CEO Shay Segev has resigned as Group CEO of the FTSE100 online gambling group to join DAZN as ‘joint-chief executive’ of the global sports OTT platform.
“Shay has a notice period of six months and will remain in his current role for that period or until a successor is in place,” read Entain’s statement. “The Board, having considered succession issues on a regular basis, has a process well underway to find his successor.”
Segev, formerly Group COO of Entain, only took charge of corporate leadership last July by replacing Kenneth Alexander who ended his 13-year CEO tenure.
As CEO, Segev had led the overhaul of Entain’s executive leadership team, as well as the launch of the FTSE firm’s new ‘corporate charter‘ to lead global gambling in conduct and sustainability disciplines.
On his departure, Segev remarked that he had been ‘offered a role which offers me a very different type of opportunity’. The executive maintained that his decision was not influenced by recent takeover interest by MGM Resorts International.
Entain Chairman Barry Gibson accepted Segev’s departure, before explaining why the board views MGM’s recent proposal as ‘significantly undervaluing the company and its prospects’.
“We are sorry that Shay has decided to leave us but recognise that we cannot match the rewards that he has been promised,” said Gibson. “Entain has a wealth of talent across its leadership team and the business has never been stronger.
“The Company has delivered 20 quarters of double-digit online growth, and our future prospects have been substantially enhanced by our new strategy, which we set out in November. We have built a truly global business which is entirely based on our own technology and offers our best-in-class entertainment services in more than 20 nationally-licensed countries.”
It was only last month that Segev launched the rebranding to Entain from GVC Group, introduced the corporate charter and explained to SBC how the future was shaping up for the company. That future is looking less clear now as Entain hunts for a third CEO in less than six months.