Tabcorp has selected media veteran Brett Chenoweth as its new chair as the ASX-listed operator heads into a new era with a refreshed senior team.
Chenoweth will replace current chair Bruce Akhurst, who will retire from his post at the conclusion of Tabcorp’s 2024 AGM.
Chenoweth has served as a Tabcorp non-executive director since 2022 and is the chair of the risk, compliance and sustainability committee.
Akhurst will remain with the company to ensure a smooth transition in the chairmanship, with new CEO Gillon McLachlan undergoing the required regulatory approvals.
McLachlan was named as CEO in June to replace Adam Rytenskild, who resigned following allegations of “inappropriate and offensive language” aimed at an Australian regulator.
Akhurst became chair of Tabcorp in the summer of 2022 following the business’ demerger with The Lottery Corporation.
Chemoweth previously served as CEO of APN News and Media between January 2011 and February 2013.
He is currently the chair of CDC Data Centres and Retire Australia, as well as a director at One New Zealand Group, formerly known as Vodafone New Zealand.
Local media has portrayed Akhurst’s decision to step down as quitting before he was pushed amid shareholder dissatisfaction.
The Herald Sun also described his tenure as chair as “brutal”.
Additionally, non-executive director Justin Milne, who has served on the Tabcorp board since 2011, will also retire.
A search process for his replacement is “well advanced”, with Milne to officially step down upon the appointment of his successor.
Speaking after being confirmed as the new chair, Chenoweth said: “I’m pleased to continue the company’s transformation. A significant amount of heavy lifting has been completed with the new TAB app, level playing field reforms and a refreshed leadership team.
“The work done over the last two years has been critical in building solid foundations and positioning us to capitalise when the market returns to growth.”
Reflecting on this time with Tabcorp, Akhurst said: “The wagering market has been challenging over the last year and I’m looking forward to watching Tabcorp grow in the next phase of its transformation.
“I want to personally congratulate Brett on his appointment as chair and I will work closely with him to ensure a smooth transition over the coming months.
“Brett’s one of the great business minds I’ve worked with and I’m very pleased to be passing the chairmanship over to him.”
Arnold Ash is EGR’s Executive Recruitment Partner. They support ambitious organisations to identify and attract industry leading executive talent. Find out more here.
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