Ladbrokes : Ian Bull to step down from Ladbrokes

On 24 July Ladbrokes PLC and Coral announced their intention to merge, and it was agreed that Paul Bowtell, Coral's Chief Financial Officer, would become Finance Director of the combined business. Accordingly the Board of Ladbrokes has now agreed with Ian Bull, Chief Financial Officer, the timing of his departure in February 2016.

Ian Bull joined Ladbrokes as Chief Financial Officer in July 2011 and has agreed to stay with the business until the announcement of the 2015 full year results scheduled for the end of February 2016.

If Ladbrokes' proposed merger with the Coral Group completes before this date it has been agreed that Ian would leave shortly after completion and if the merger completes after this date then the Board will put in place appropriate arrangements.

Peter Erskine, Chairman, commented:

"Ian has worked tirelessly through what have been challenging times and has helped steer Ladbrokes to this exciting point in its journey. We are pursuing an aggressive organic plan to build a stronger Ladbrokes as well as working on the proposed merger with the Coral Group, which will create a leading betting and gaming business and deliver substantial synergies.

"At the time of announcement of the proposed merger with Coral, we announced that Ian would be stepping down as Ladbrokes CFO and Ian has recently informed the Board that he wished to leave Ladbrokes on completion of the annual accounts, in order to pursue other potential opportunities.

"In accepting his request we are pleased that Ian has reiterated his commitment to delivering our organic strategy and in leading the current refinancing of the Group in preparation for the proposed merger. I am delighted that we will continue to benefit from Ian's energy and experience during this important time."

In accordance with section 430 (2B) of the Companies Act 2006 details of his termination arrangements will be available on the Ladbrokes plc website from the date of his departure.

distributed by