Tabcorp Confirms Immediate Resignation of MD and CEO Rytenskild

Earlier this week, Adam Rytenskild, the CEO and managing director (MD) of Tabcorp Holdings Limited (Tabcorp), the largest gambling company in Australia, participated in the Regulating the Game conference in Sydney. At the time, the executive spoke against ineffective regulations that are impacting the gambling industry in the country.

In an unexpected turn of events, Tabcorp confirmed that Rytenskild has resigned from his CEO and MD roles with the company. The announcement came Thursday with the company confirming that the executive’s resignation is with immediate effect.

Explaining the reason behind the sudden departure, Tabcorp issued a statement revealing that its Board “became aware of inappropriate and offensive language used by Mr Rytenskild in the workplace.” The Board said that the use of such language was “inconsistent” with the MD and CEO’s proven leadership. After a discussion with the Tabcorp Board, Rytenskild filed his resignation.

In the latest statement, Rytenskild said that he doesn’t remember making a negative comment, adding that the alleged language is not one that he uses. Still, he said that with regret he agreed to resign from his CEO and MD roles with Tabcorp. Finally, Rytenskild said: “Tabcorp has been an enormous part of my life for many years and I believe in the journey the company is on.”

“I don’t recall making the alleged comment and it’s not language I would usually use, but I have regrettably agreed to resign.“

Adam Rytenskild

Rytenskild’s Guidance Helped Tabcorp Grow Significantly

Bruce Akhurst, Tabcorp’s chairman, thanked Rytenskild for his dedication and efforts which ultimately guided the company toward success for more than 20 years. Moreover, the chairman acknowledged Rytenskild’s contributions to Tabcorp’s transformative journey, adding that the Board regrets to see his employment end in such a way. “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,” added Akhurst.

“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.“

Bruce Akhurst, chairman at Tabcorp

Tabcorp said that in order to protect the identity of the people involved, it will not disclose further details or comment regarding the alleged conduct. The company confirmed that Rytenskild will only receive termination payments that are required by law under his contract and will forfeit “his unvested short-term incentive and long-term incentive awards.”

In light of the unexpected senior-level change, Tabcorp selected Akhurst for the role of executive chairman, effective immediately. He will keep the additional duties until the company finds a permanent MD and CEO.