Ricky Sandler has announced that he is stepping down as a Non-Executive Director at Entain, effective 5 May.
On his departure, Sandler said: "It has been a pleasure to have served on the Entain board for the last two years.
“During that time, Entain has seen significant operational transformation, and the business is well-positioned to deliver continuing strong growth. I have the utmost confidence in Entain's management and board to deliver enhanced shareholder value.
“Entain shares are held in accounts and funds managed by Eminence Capital, which will be liquidated in an orderly manner, without any pre-determined time constraints, with the intention of maximising value realisation.”
In its recent Q1 report, Entain revealed that its net gaming revenue grew 3% year-on-year.
Pierre Bouchut, Entain's Chairman, said: "On behalf of the board, I thank Ricky for his support over the past two years.
“Thanks to his contributions the company is in a stronger position and is well equipped to capitalise on the many opportunities in the global sports betting and gaming market."
This follows reports that Sandler is closing his hedge fund, Eminence Capital, and returning capital to investors.
On this, Sandler wrote: “Over the last few years, it has become increasingly difficult to apply our rigorous bottom-up investment process to rapidly shifting market conditions and an evolving market structure.
“We believe that in recent years we have fallen short of our very high standard and your expectations. I am tremendously proud of the Eminence team for the business and culture we built and the quality of our investor base.
“The firm has been far more than a professional endeavour to me. It has been a defining part of my life.”
It is believed this is the reason that Entain shares have dropped this morning, down 7% to 557.60p, as Eminence was Entain's third-largest shareholder.
On 7 April, Eminence Capital held 41,425,426 ordinary shares of €0.01 each in the capital of Entain PLC
