In the midst of a takeover bid from North American partner MGM Resorts, the rebranded GVC Holdings, Entain, is reportedly seeking to appoint Jette Nygaard-Andersen as permanent CEO to take over from departing CEO Shay Segev.
Jette Nygaard-Andersen to Potentially Take Entain’s Top Job
Entain is reading up to inaugurate its first female chief executive, which is a first for the company, but also for any British-listed gambling group.
According to Sky News, Entain is considering appointing Jette Nygaard-Andersen as its new chief executive as the company faces an intensifying takeover bid pitched by MGM Resorts which has put forth £8 billion to acquire the company it partners up with in the US market under the joint-venture Roar Digital and BetMGM sports betting brand.
While bringing Nygaard-Andersen is not yet confirmed, Sky News has reported that Entain is in advanced talks with what could soon be the company’s new chief executive officer. She is already a non-executive member of the board of director.
According to sources cited by Sky News, an announcement is expected at some point next week, although the group has not confirmed the move. The group will need to quickly settle on a capable top executive as Shay Segev, the outgoing CEO who stepped in last November when the company rebranded from GVC Holdings, announced he is quitting and taking a co-CEO position at DAZN.
Segev said that he is ready to back Entain in any decision and he too shared his Board’s opinion that MGM Resorts’ bid for Entain significantly undervalued the group’s assets and prospects.
Should the appointment go through, Nygaard-Andersen will be the first female executive to lead a publicly listed gambling company with the only other female CEO at a multi-billion British gambling company being Denise Coats, the current chief executive of privately owned betting giant bet365.
Is Nygaard-Andersen the Right Person for the Job?
It all points this way. Segev has repeatedly said that Entain has reunited a team of experts who are committed to the company’s success. Nygaard-Andersen’s own experience is no modest affair and she has been in various top c-level positions over the past 15 years at Modern Times Group.
In fact, Entain seems so convinced in her ability to lead that the company wants to name Nygaard-Andersen as a permanent CEO rather than an interim executive. if she chooses to take up the job, Nygaard-Andersen will have to handle an incoming overtake bid from MGM Resorts which is keen on buying out its partner with which it works with in the North American market under the BetMGM brand.
The offer has not been received enthusiastically by Entain which stated that the offer undervalued the company’s prospects and intellectual property, which spawns numerous brands including Coral, Eurobet, Ladbrokes, Sportingbet, and more, not including partypoker, Entain’s flagship poker brand. Entain has not ruled out the possibility of a merger altogether, at a time when numerous similar deals have been concluded.
William Hill has agreed to sell its US assets to Caesars, which recently merged with Eldorado Resorts, and is still looking for a potential buyer for the rest of its operations. Officially, Entain is still looking for successor notwithstanding Sky News’ reporting.
Should MGM Resorts’ bid succeed, however, Nygaard-Andersen may not be in the job a very long time. The story is developing.