Tabcorp CEO Adam Rytenskild Issues Resignation with Immediate Effect
LISTEN TO THIS ARTICLE:Following allegations of “inappropriate and offensive” language in the workplace, Adam Rytenskild has resigned as CEO and managing director of Tabcorp Holdings.
Rytenskild joined Tabcorp in 2000 and held a number of roles before being appointed CEO in May 2022. In a statement released by the company, Tabcorp said that the board is aware of the allegations and believes that the language was “inconsistent” with his role.
After discussions with the board, it was decided that Rytenskild would resign and leave the role immediately and that he would only receive termination payments as specified by Australian law. This means that he will not receive any short-term incentive or long-term incentive rewards.
However, in order to “protect the privacy of those involved”, the company said that it would not make any further comments on the issue.
Rytenskild Does Not Remember the Incident
In his own comments on the news, Rytenskild said that he does not remember using inappropriate language and that it is not language that he would usually use. However, he said that he has “regrettably” agreed to resign and added that the company has been “an enormous” part of his life for many years.
During his first ten years with the company, Rytenskild held various general manager roles before being appointed executive general manager for distribution and then chief operating officer of keno and gaming. He then became managing director of wagering and media, a position he held from September 2017 to May 2022. He then became both CEO and managing director.
Related: Tabcorp Faces Fine in NSW and Victoria over Advertising Breaches
Chairman Bruce Akhurst to Take Over
While Tabcorp seeks a replacement, the company chairman, Bruce Akhurst, will be taking on extra duties as executive chairman.
The board regrets Mr Rytenskild’s employment has ended in this way and acknowledges his commitment to Tabcorp’s growth over more than two decades, including the last two years as MD & CEO and his contribution to the transformation of the company. Today’s change does not impact the strategic direction of the company. We have the depth and capability across the executive and the senior leadership team to continue our transformation.
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