Entain has announced that CEO Shay Segev has given notice of his intention to leave the company to become Co-CEO of DAZN.
Shay has a notice period of six months, and will remain in his current role for that period, or until a successor is in place. Entain has already commenced the process to find a successor.
“We are sorry that Shay has decided to leave us but recognise that we cannot match the rewards that he has been promised,” said Entain chairman Barry Gibson.
“Entain has a wealth of talent across its leadership team and the business has never been stronger. The company has delivered 20 quarters of double-digit online growth, and our future prospects have been substantially enhanced by our new strategy, which we set out in November.”
Gibson noted that the decision will have no impact on the offer from MGM Resorts International to acquire Entain earlier this month, reported to be worth $11bn.
“I can confirm that this changes nothing with respect to the board’s view of the recent proposal from MGM Resorts International to acquire Entain,” added Gibson. “The board remains unanimous in our view that the proposal significantly undervalues the company and its prospects.”
DAZN confirmed the move by announcing Segev and James Rushton as Co-CEOs of the company. Rushton had been serving as DAZN Group acting CEO since June 2020, having previously served as chief revenue officer.
Segev expressed his excitement at his new role, while echoing Gibson’s comments that the recent proposal from MGM Resorts is not linked to his decision.
“I will be sad to leave the company after five years but I have been offered a role which offers me a very different type of opportunity,” said Segev. “Entain is in great shape after the successful launch of our new strategy.
“I also want to emphasise that the recent interest from MGM Resorts has had absolutely no bearing on my decision, and I fully support the board’s decision to reject their proposal.
“Entain has a great team of leaders and an exciting future ahead through its growth and sustainability strategy, and I will do all I can to continue to support the company.”