Rank's boss to retire after nearly eight years in charge
Casino and Mecca Bingo firm Rank has revealed its boss will retire later this month after nearly eight years in the top job.
Chief executive John O’Reilly will step down on January 29, when the firm reports half-year results, and be replaced on an interim basis by chief financial officer Richard Harris.
Rank said Mr O’Reilly’s decision comes after talks with the board and confirmed it had kicked off the hunt for his permanent replacement.
It comes just over two weeks after Rank revealed its Spanish business had been the victim of a 7.1 million euro (£6.1 million) payment fraud.
Shares in the FTSE 250 firm tumbled on the news last month, which it said had impacted its businesses in Spain – Enracha and Yo.
Mr O’Reilly, who will continue to support the business until the end of the financial year, said: “It has been a privilege to lead Rank for the past seven-and-a-half years, and I am proud of all that we have accomplished in that time.”
His departure comes at a more challenging time for the group after the autumn Budget dealt a blow by confirming an increase in remote gaming tax from 21 per cent to 40 per cent, which Rank had warned would lower its annual earnings by around £46 million.
It said this would be offset by the £6 million benefit of the Government’s move to ditch bingo duty, but still leave it with a £40 million earnings impact.
John H. Ott, Chair of Rank Group plc, said: "On behalf of the board and everyone at Rank, I would like to express my sincere thanks to John O'Reilly for his leadership of and passion for Rank since his appointment as CEO in April 2018.
"His extensive gambling industry knowledge and experience, as well as deep operational skills have combined to ensure that Rank is well positioned to build on the direction he established.
"In addition, John has contributed significantly to the betting and gaming industry for decades. We wish him all the very best.
"As interim CEO, the board are confident Richard Harris will provide both important continuity and the strategic leadership required to drive the performance of the business and maximise shareholder returns. The board and I look forward to continuing to work closely with him to realise those ambitions."
Mr Harris joined the Rank board in May 2022 when he was appointed Chief Financial Officer.
The statement said: “He has extensive experience in consumer facing businesses, driving financial performance, contributing to strategy development and improved operational execution.
"Prior to Rank, Richard was chief financial officer at Foxtons group Plc and has previously held positions at Laird Plc and Marks & Spencer Plc.”