Tabcorp Holdings Limited (Tabcorp) made an official announcement today regarding the resignation of Adam Rytenskild from his position as Managing Director and Chief Executive Officer (MD & CEO) of Tabcorp. The decision came after the Tabcorp Board became aware of inappropriate and offensive language used by Mr. Rytenskild in the workplace. Following discussions with the Board, Mr. Rytenskild tendered his resignation and will step down immediately.
In light of the incident, Mr. Rytenskild will receive only the termination payments mandated by law and his contract, forfeiting all unvested short-term and long-term incentive awards. Tabcorp emphasizes its commitment to upholding company values and will take necessary action to maintain expected standards of conduct among its leaders.
To respect the privacy of those involved, Tabcorp does not intend to provide further comment regarding the conduct. In response to the vacancy created by Mr. Rytenskild’s resignation, the Board has appointed Maritana Partners to conduct a global search for a new MD & CEO. In the interim, Bruce Akhurst has agreed to assume additional duties as Executive Chairman, pending regulatory approvals, while the search for a permanent replacement is underway.
Tabcorp Chairman, Bruce Akhurst, expressed regret over the circumstances surrounding Mr. Rytenskild’s departure and acknowledged his contributions to Tabcorp’s growth over more than two decades. However, Akhurst emphasized that the leadership transition does not affect the company’s strategic direction. Tabcorp remains committed to executing its strategy, focusing on transformation, market growth, and organizational efficiency.
In response, Mr. Rytenskild stated, “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 expressed his belief in Tabcorp’s journey and the significant role the company has played in his life.
This announcement was authorized for release by the Tabcorp Board.
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