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Tabcorp CEO and managing director Adam Rytenskild has resigned after using offensive language, allegedly regarding a female figure in the racing industry.  

Rytenskild, who led the Australian betting giant for nearly seven years, has stepped down following a discussion with the company’s board of directors.

The board, chaired by Bruce Akhurst, said it considered the language to be “inconsistent with Mr Rytenskild’s continued leadership.”

Following his resignation, Rytenskild will receive only the termination payments required by law, and as per his contract has lost claim to approximately A$10m in incentives.

The comments, which were first reported by the Australian Daily Telegraph, were alleged to be sexual in nature and referred to a woman in the racing industry.

“I don’t recall making the alleged comment and it’s not language I would usually use, but I have regrettably agreed to resign,” said Rytenskild.

“Tabcorp has been an enormous part of my life for many years and I believe in the journey the company is on.”

Until the board finds a new CEO and managing director, Akhurst will serve as executive chairman. As such, his pay will increase by around A$500,000 to A$2.2m.  

Akhurst commits to transformation strategy

“Today’s change does not impact the strategic direction of the company,” said Akhurst. “We have the depth and capability across the executive and the senior leadership team to continue our transformation.

“We remain focused on executing our strategy at pace, transforming our competitiveness, growing market share, levelling the playing field for fees, taxes and regulation, and reshaping the business to deliver a more efficient and effective organisation.

“Tabcorp is on track to deliver this and create a growing and more valuable company for shareholders.”  

Tabcorp is an ASX-listed business that is commonly considered the largest gambling operator in Australia.

The business has faced stormy waters in recent months, reporting a A$641.7m net loss in its H1 financial report released last month.

The operator has stated its intention to transform into a more digital-first business, supported by new investments in technology, platform and AI.

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