The UK-based sports betting company Betfred announced that its Chief Executive Officer John Haddock has departed from the operator after spending three decades with it.
The company has not revealed the reason because of which Mr. Haddock had decided to leave the company. He has spent only two years at the position of Chief Executive Officer, which was also why his departure has been so surprising. Regardless of the fact that no reason has been given for the sudden takeoff of the Chief Executive Officer, it seems that the company has decided the brand needed a change as far as the management of Betfred was concerned.
John Haddock’s career started as a betting shop manager of Ladbrokes in Altincham. Then, in 1986, he joined the team of Betfred at a time when the brand held only about 25 betting outlets in the UK. As mentioned above, he spent only two years at the position of Chief Executive Officer of the operator’s retail operations and had been responsible for the integration of Tote’s betting outlets into the betting shops’ system after the company acquired Tote half a decade ago.
The responsibilities of John Haddock have been assumed by the founder of the company Fred Done on a temporary basis. Currently, Mr. Done is also the acting Chairman of the UK sports betting operator.
He commented on the situation, confirming that Chief Executive Officer Haddock had departed from the position. Mr. Done also expressed his gratitude to Haddock for his 30-year service at Betfred, saying he had been loyal to the company, and wished him all the best. He also confirmed that for the time being, the duties of Mr. Haddock are assumed by him.
The UK-based sports betting operator has been facing some difficulties lately. Betfred’s performance has been seriously hurt by increased regulatory taxes and sports events’ results that have been positive to punters. The operator released its latest set of financial results in June this year. The reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of Betfred amounted to £56.5 million for the twelve months that ended on September 27th 2015. The result was lower than the one posted in September 2014, which amounted to £67.7 million.
On the other hand, the company also reported an operating loss estimated to £76.7 million. In comparison, it reported a £31.5-million operating profit for the previous accounting period of 18 months.
Lately, the brand has been considered as the eventual winner in the competition for buying the Ladbrokes-Coral betting shops that are being offered as a guarantee for the completion of their proposed merger. Last week, it was exactly Betfred that has been pointed as the most likely winner in the race to purchase the shops, although this was not confirmed yet.