In a statement released on Wednesday, the board of Ladbrokes said that chief executive Richard Glynn (pictured) will be leaving the role in 2015.
Source: Ladbrokes
The statement read: “Richard Glynn was appointed CEO of Ladbrokes in April 2010, with a clear mandate to implement the recovery programme within a five-year term.
“Following extensive and constructive discussions between the board and Richard, it is intended that he will complete his term and continue in his role as CEO into 2015.
The board will shortly start a process to identify his successor and the search will evaluate both internal and external candidates,” adding that Glynn will remain in post once a successor is appointed “to ensure an orderly transition.”
Peter Erskine, chairman of Ladbrokes, said: "[Glynn] has devoted enormous energy and dedication to securing the transformation of the company and the benefits of that work are beginning to be seen.
“Ladbrokes has been transformed and is a far stronger company as a result of his work,” said Erskine.
Glynn added: “Everyone at Ladbrokes has worked incredibly hard over the past, nearly five years, to deliver the transformation programme.
“It has been a privilege to lead Ladbrokes over this crucial phase. I am very proud of the resilience and professionalism the team has shown during this intense period of activity. It is the right time for Ladbrokes to identify my successor.”
