Jim Armitage: ‘Tis the season to get rid of the boss
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Last week, Harriet Green, the turnaround queen who performed miracles with Thomas Cook, marched out in a hurry alongside a warning of tough times ahead. Then came the departure of Ladbrokes’ company-doctor-chief Richard Glynn after a late-night board meeting.
But there was a difference. Where Thomas Cook’s shares fell sharply on the news of Ms Green’s departure, Ladbrokes’ rose. Poor Mr Glynn. He had managed to get a grip on Ladbrokes’ dismal online service in his four and a half years, but to say it was heavy going would be an understatement, as numerous profit warnings during his regime testify. His turnaround had taken longer than expected, and arch rival William Hill remains in far better shape.
The Ladbrokes stable needs new blood. Who better than William Hill’s former online boss Henry Birch – currently running Rank – to take up the reins?
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