Leadership Shift at Tabcorp Amid Conduct Inquiry

Adam Rytenskild, the CEO of Tabcorp, has resigned from his position following an internal investigation into his conduct towards an individual outside the company. Allegations surfaced suggesting the use of inappropriate and offensive language, prompting the board to initiate an inquiry.

In light of his departure, Rytenskild will only receive termination payments mandated by law, forfeiting unvested short-term and long-term bonuses. Despite his significant tenure and financial holdings within Tabcorp, the circumstances surrounding his exit entail potential losses ranging between $5 million and $10 million.

Rytenskild, who has been an integral part of Tabcorp since 2010 and assumed the role of chief executive following the company’s demerger from The Lottery Corporation in 2022, tendered his resignation after deliberations with the board, which had commissioned an external law firm to lead the investigation.

While denying recollection of the alleged remarks and expressing that such language did not align with his usual conduct, Rytenskild regretfully agreed to step down from his position.

The board, upon reviewing the findings, deemed the language used by Rytenskild in the workplace as inappropriate and offensive, ultimately concluding that it was incongruous with his role as the organization’s leader.

Acknowledging Rytenskild’s contributions spanning over two decades, Tabcorp chairman Bruce Akhurst expressed regret over the outcome while emphasizing the company’s commitment to initiating a global search for a suitable replacement. In the interim, Akhurst will assume the role of executive chairman to oversee Tabcorp’s operations during this transitional period.

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