Tabcorp Selects Former AFL Exec McLachlan for CEO and MD Role

The largest gambling company in Australia that currently has more than 5,000 employees, Tabcorp, announced a new senior-level hire. On Monday, the gambling giant revealed it selected Gillon McLachlan, the former Australian Football League (AFL) executive, for the role of CEO and managing director.

An ASX announcement released by Tabcorp reveals that McLachlan will officially assume the leadership roles with the company effective from August 5, 2024. Still, his appointment remains subject to the relevant regulatory approvals that are required considering the senior-level position.

Until early in August, Bruce Akhurst will continue to hold the role of executive chairman, while the former AFL executive will act in an observer capacity. Ultimately, the appointment of McLachlan is expected to bolster Tabcorp’s growth and further solidify the company’s position in the competitive gambling market in Australia.

The Company Uncovers Details about the Exec’s Remuneration

Per Tabcorp’s recent ASX announcement, the former AFL chief executive will receive an annual fixed remuneration of AU$1.5 million ($989,000). However, McLachlan will have the opportunity to participate in the company’s short term incentive opportunity program that grants “on-target opportunity of 100% of fixed remuneration with the ability to earn up to 150% of fixed remuneration for stretch performance,” as explained by Tabcorp.

In addition, McLachlan will also be able to benefit from long term incentive opportunities. This otherwise means that the new managing director and CEO can earn significantly more than his annual fixed remuneration per contract.

Not unexpectedly, the executive will be in charge of strategic processes directly related to Tabcorp’s growth. McLachlan’s appointment doesn’t come with a fixed term, and he is required to give 6 months’ notice before leaving. As with other C-suite roles, the executive will be subject to non-compete and non-solicitation restraints of up to 12 months post-termination of his employment at the company.

The Former AFL Executive Is Excited to Join Tabcorp

McLachlan was an executive for the AFL for a decade. During this time, he propelled the growth of the League which reported AU$502 million ($330.9 million) in revenue in 2013 to the staggering AU$1.06 billion ($699 million) last year. Under McLachlan’s guidance, the AFL signed the largest sports broadcasting deal in Australia’s history.

“Tabcorp is a wagering, broadcast and integrity services business and the challenges of growing it are appealing.“

Gillon McLachlan, incoming managing director and CEO at Tabcorp

The new CEO and managing director of the company acknowledged its solid position within the gambling sector in the country. He said that Tabcorp delivers unforgettable entertainment experiences via digital and retail channels.

Additionally, McLachlan spoke about the contributions of the company toward the racing sector in the country that are in the billions. Finally, he said that it would be exciting to collaborate with Tabcorp’s senior-level management to propel the company’s growth.