Tabcorp Holdings Appoints Former AFL Boss Gillon McLachlan as CEO

Australian gambling services firm Tabcorp Holdings (TAH.AX) has named Gillon McLachlan, the former head of the Australian Football League (AFL), as its new chief executive and managing director. This appointment comes after the resignation of former CEO Adam Rytenskild, who left amid allegations of using offensive and inappropriate language at the workplace.

McLachlan’s arrival marks a pivotal moment for the company as it faces increased competition and undergoes strategic changes. McLachlan, who led the AFL for a decade and played a crucial role in its revenue growth and expansion, will join Tabcorp on August 5, pending regulatory approvals. He is set to receive an annual fixed remuneration of $991,800.

Analysts at Jefferies view McLachlan’s appointment positively, noting that Tabcorp has been without a CEO since March 24 and highlighting the various ongoing initiatives within the company. Following the announcement, Tabcorp’s shares rose by 1.5%, rebounding from an earlier 3.8% drop, which was the largest intraday decline in nearly three weeks. However, the stock has experienced a 22% decline this year, mainly due to a first-half loss linked to a one-off non-cash impairment charge related to its wagering and media business.

In a statement, Tabcorp Executive Chairman Bruce Akhurst highlighted the progress the company has made since its demerger, particularly in enhancing customer offerings and implementing structural reforms in Queensland and Victoria. Akhurst expressed excitement about the growth opportunities for Tabcorp’s wagering and media business under McLachlan’s leadership, emphasizing his experience in securing major media rights deals in Australian sports.

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