Tabcorp CEO Resigns Over Workplace Conduct, Interim Leadership Appointed

Highlights:

• Adam Rytenskild resigns as Tabcorp's MD & CEO due to inappropriate language in the workplace.
• Bruce Akhurst assumes the role of Executive Chairman during the transition period.
• Tabcorp emphasizes continuity in strategic direction and commitment to growth despite leadership change.

Tabcorp Holdings Limited (ASX: TAH) has announced the immediate resignation of Managing Director and Chief Executive Officer (MD & CEO), Adam Rytenskild, following revelations of inappropriate language used in the workplace. The Board deemed Rytenskild's conduct inconsistent with the company's values, leading to his decision to step down.

In Response to Workplace Misconduct

The Tabcorp Board uncovered instances of inappropriate and offensive language used by Rytenskild, prompting discussions that led to his resignation. Rytenskild will only receive the termination payments mandated by law and his contract, forfeiting all unvested short-term and long-term incentive awards.

Transition in Leadership

Maritana Partners has been tasked with conducting a global search for a new MD & CEO, while Bruce Akhurst assumes the role of Executive Chairman during the transition period. Akhurst's appointment aims to ensure continuity until a permanent replacement is found.

Company's Response

Tabcorp Chairman, Bruce Akhurst, expressed regret over Rytenskild's departure but emphasized that the incident would not alter the company's strategic trajectory. Tabcorp remains focused on executing its strategy, fostering growth, and enhancing shareholder value.

Rytenskild's Statement

In response, Rytenskild expressed disbelief regarding the alleged comments but acknowledged his decision to resign. Despite his resignation, Rytenskild reaffirmed his belief in Tabcorp's mission and expressed gratitude for his tenure with the company.

Moving Forward

Tabcorp's swift action underscores its commitment to maintaining a respectful and inclusive workplace environment. The company remains dedicated to its strategic objectives and ensuring a seamless transition in leadership, aiming to sustain its growth trajectory and create value for shareholders.

Tabcorp has released this announcement with authorization from the Board, signaling a proactive approach to addressing workplace misconduct and ensuring accountability at all levels of the organization.

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