Rytenskild departs Tabcorp amid offensive language probe
Tabcorp has parted ways with long-time CEO Adam Rytenskild after an investigation was launched into the use of inappropriate and offensive language in the workplace.
Tabcorp confirmed that the search had already begun for a replacement for Rytenskild, who had been with the company since 2010. Tabcorp chairman Bruce Akhurst will fill the role of executive chairman in the meantime.
“Tabcorp expects its leaders to uphold company values at all times and will not hesitate to take action to uphold expected standards of conduct,” a statement issued by Tabcorp read.
“The board regrets that 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,” Akhurst said in the statement.
It has been reported that a complaint was made against Rytenskild and Tabcorp had engaged external legal counsel to investigate, but no further comment was offered by the wagering giant.
Rytenskild said he did not recall the incident but had offered his resignation.
“I don’t recall making the alleged comment and it’s not language I would usually use, but I have regrettably agreed to resign,” he said.
“Tabcorp has been an enormous part of my life for many years and I believe in the journey the company is on.”
Rytenskild will be only offered the legally required termination payments and will not receive any unvested short-term or long-term incentives.
“I don’t recall making the alleged comment and it’s not language I would usually use, but I have regrettably agreed to resign.” – Adam Rytenskild
Akhust said the sudden departure of the public face of the company did not impact the strategy of Tabcorp moving forward.
“We remain focussed on executing our strategy at pace, transforming our competitiveness, growing our market share, levelling the playing field for fees taxes and regulation, and reshaping the business to deliver a more efficient and effective organisation,” he said.
Tabcorp recently signed a 20-year deal to continue as the exclusive parimutuel and retail licensee in Victoria, while its long-term deal with Racing NSW is at the centre of court action between the two bodies.
Bren O’Brien
Author
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