Tabcorp Chairman Announces Resignation

The chairman of Tabcorp, a prominent Australian gambling company, has announced his resignation amid pressure from investors. Bruce Akhurst is expected to leave his position following the company's annual general meeting on October 23.

He will be succeeded by Brett Chenoweth, the former CEO of APN Media and a current non-executive director at Tabcorp, according to NEXT.io. Akhurst expressed his support for Chenoweth, stating, “I would like to personally congratulate Brett on his appointment and will work closely with him to ensure a smooth transition over the coming months. Brett is one of the greatest businessmen I have worked with, and I am very pleased to pass the Chairman role to him.”

In response, Chenoweth expressed enthusiasm for advancing Tabcorp's transformation, acknowledging the vital groundwork laid over the past two years. He also credited Akhurst for his exceptional leadership during the company's reorganisation and restructuring.

Akhurst's impending departure follows recent scrutiny from investors, as the Australian Financial Review indicated they were placing the blame for the company’s poor financial results on him. Tabcorp reported a staggering net loss of a $1.36 billion for its 2024 financial year, and its share price has plummeted by 57% over the last year, with a significant portion of that decline occurring in the last six months.