Ladbrokes names new chief executive

Mullen has been announced as the new chief executive of operator Ladbrokes on a £500,000 a year deal.

Mullen, who is currently managing director of Ladbrokes Digital, will replace current CEO Richard Glynn on 1 April.

The UK-based company first appointed Mullen to run its online operations in Israel in 2013, and Mullen left his role as COO with fellow operator William Hill.

Mullen said: “I am delighted to become chief executive of Ladbrokes. The business has undergone rapid change and we have laid good foundations from which to grow but there remains much to do.”

It was announced in December that Glynn would part company with the bookmaker, having been in the role since April 2010.

Ladbrokes reported a 44% decrease in pre-tax profit for the full year 2014, dropping from £67.6m to £37.7m.

Ladbrokes chairman Peter Erskine said of Mullen’s appointment: “We conducted an extensive search to identify Richard Glynn’s successor. We attracted a number of strong external candidates. We wanted a combination of industry experience with strong digital skills, a proven record of operational delivery and the leadership ability to capitalise on the opportunities for growth that are now ahead of us.

“Since Jim’s arrival in the business less than 18 months ago, he has helped transform our digital operations. He has built and led a strong team and won the respect of his colleagues and the confidence of the board through successful delivery of a new competitive and innovative digital offer that has delivered growth.”

Analysts believed that an external appointment was more likely, given that it had been announced in November that retail director Nick Rust, who was seen as the most probable replacement, is set to leave the company in April, to become chief executive of the British Horseracing Authority.