Entain Share Price Rose 2.5% on Board Appointment. What Next?

The Entain PLC (LON: ENT) share price rose 2.54% after announcing that it had immediately appointed Ricky Sandler as a Non-Executive Director. Ricky Sandler is the global investment management firm's founder, CEO, and Chief Investment Officer of Eminence Capital, LP.

Eminence Capital is known for its long/short equity investment strategy, aiming to deliver superior risk-adjusted returns. Sandler oversees its investment strategies, operations, and overall direction as the firm's leader. 

His role involves critical decision-making, strategic planning, and maintaining the firm's commitment to its clients' investment goals. Additionally, Mr. Sandler is set to join the company's People & Governance and Capital Allocation committees. 

As part of the People and Governance committee, he will collaborate with Entain to select a new Non-Executive Director that is satisfactory to Eminence and the company.

Today’s announcement is a positive development for Entain, which lost its Chief Executive Officer, Jette Nygaard-Andersen, who resigned from her position on 13 December 2023 following the conclusion of an investigation by HMRC (Her Majesty’s Revenues and Customs). 

The HMRC investigation was regarding its Turkish-facing business, which the previous management team sold in 2017. The HMRC investigation was completed via deferred prosecution agreement (DPA) under Jette’s leadership. 

The CEO decided to step down after completing the HMRC investigation, which provided a clean slate for both the company and herself. The company’s board praised her efforts in creating a new commercial strategy that could lead to higher profitability. 

Barry Gibson, Chairman of Entain, said: “I am pleased to welcome Ricky to the Board of Entain.  Ricky has a deep knowledge of our business and a firm belief in the quality of our operations and substantial growth opportunities.  We look forward to benefiting from his perspectives and expertise as we work to drive value for all Entain shareholders.”

Ricky Sandler said: “Entain is a robust business with market-leading brands, a unique technology platform, and enviable positions in key geographies around the world.  I look forward to working with my fellow directors to help Entain achieve long-term success and create lasting value for its shareholders.”

Entain share price. 

The Entain share price rose 2.54% to trade at 1012.8p from Tuesday’s closing price of 987.7p.