The gambling entertainment group split in two last week. Its lotteries and Keno business was spun out into The Lottery Corporation Ltd (ASX: TLC). The company today reminded the market that some of its management team will embark on previously foreshadowed changes this afternoon.
At the time of writing, the Tabcorp share price is 95 cents, 1.55% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is down 0.6%. Meanwhile, the company’s home sector – the S&P/ASX 200 consumer Discretionary Index (ASX: XDJ) – is falling 0.53%.
Let’s take a closer look at the latest news from Tabcorp.
What’s weighing Tabcorp down on Tuesday?
The Tabcorp share price is sliding lower after the company gets ready to wave goodbye to its chair, CEO, managing director, two board members, and two senior managers this afternoon. They will each move to run the newly demerged Lottery Corporation.
The changes will see the Lottery Corporation headed up by Tabcorp chair Steven Gregg. Bruce Akhurst will be taking the reins at Tabcorp as of tomorrow.
Tabcorp CEO and managing director David Attenborough will also hang up his hat at the company and move to the same role at the Lottery Corporation. Adam Rytenskild will fill Attenborough’s boots.
Tabcorp board members Harry Boon and Anne Brennan will also shift to seats on that of the Lottery Corporation.
Meanwhile, Brett Chenoweth, Raelene Murphy, and Karen Stocks will act as observers to the Tabcorp board until they’re given approval to take up their assigned board seats.
Finally, Tabcorp chief financial officer Adam Newman and chief legal and risk officer and co-company secretary Patrick McGlinchey will move to new roles at the Lottery Corporation.
Newman’s previous role will be filled by Daniel Renshaw while Chris Murphy will remain as Tabcorp’s the company secretary.
Tabcorp share price snapshot
The Tabcorp share price appeared to plummet following the company’s split last week. However, its fall simply reflected the spin-off of much of its business.
Right now, the company’s shares are trading for 81% less than they were at the start of 2022. Meanwhile, stock in the Lottery Corporation has lifted 2% since the company listed.