Entain CFO Rob Wood steps down after 13-year tenure

• Rob Wood to depart as Group CFO and Deputy CEO in March 2026 following 13 years with the betting group.
• Michael Snape appointed successor, joining from International Distribution Services (IDS) in February 2026.
• Entain confirms year-to-date trading remains in line with market expectations for fiscal 2025.

Entain has announced the departure of Chief Financial Officer and Deputy CEO Rob Wood after a 13-year tenure with the global sports betting and gaming group.

The FTSE 100-listed operator confirmed Wood will step down from his executive board position on 6 March 2026, remaining with the company until June to ensure a smooth handover.

The announcement triggered a 3.5% decline in Entain shares on Thursday (11 December), as investors digested the leadership change at the operator behind Ladbrokes, Coral and BetMGM brands.

Michael Snape has been appointed to succeed Wood as Group CFO and Executive Director. Snape will join Entain as CFO Designate in February 2026 before formally assuming the role in March. He currently serves as Group CFO at International Distribution Services (formerly Royal Mail plc), where he recently led the company’s delisting and sale.

Leadership transition

Wood joined Entain in 2012 and became Deputy CEO in January 2021. During his tenure, he played a central role in the company’s transformation from a UK-focused operator into a global betting and gaming business with strong market positions across regulated jurisdictions.

Group CEO Stella David acknowledged Wood’s contribution to reshaping the business.

“His expertise and dedication have helped us to successfully transform into the global business we are today,” David said. “We wish him all the very best for the next chapter of his career.”

Wood commented on his departure:

“It has been a privilege and a pleasure to be part of Entain’s growth over the last 13 years, and I am proud of the transformation the Group has undergone during that time,” he added.

Prior to his CFO role, Wood served as CFO of the Ladbrokes Coral UK Retail business. Before joining Entain, he worked as Senior Vice President at Cerberus Capital in London and in restructuring advisory at NM Rothschild, having qualified as a Chartered Accountant at KPMG.

New CFO joins in February 2026

Snape arrives at Entain with more than two decades of senior finance and leadership experience across large international companies. His appointment brings expertise from both retail and logistics sectors as the betting group continues executing its strategic priorities.

At IDS, Snape joined as Group CFO in January 2024, bringing what the company described as extensive turnaround experience gained at leading international firms during periods of transformation. He took over from Mick Jeavons, who departed in May 2024.

Before IDS, Snape spent five years at Walgreens Boots Alliance as CFO of Boots, No7 Beauty & International. His earlier career included serving as International CFO at Tesco, where he oversaw operations outside the UK and Ireland. He also worked at Waitrose, part of the John Lewis Partnership, and J Sainsbury.

“I am thrilled to be joining Entain at such an exciting time in its growth and transformation story. I look forward to working with Stella, the Board and the leadership team to deliver value for all Entain’s stakeholders,” Snape stated.

UK tax forces mitigation measures

These changes come as Entain faces increased financial pressure.

The UK government has decided to raise gambling taxes in the 2025 Budget, with Remote Gaming Duty increasing from 21% to 40% in April 2026 and General Betting Duty for remote sports betting rising from 15% to 25% in April 2027.

The operator estimates these changes will add approximately £200m in annual costs before mitigations, resulting in EBITDA impacts of £100m in 2026 and £150m from 2027 onwards.

Chief Executive Stella David stated:

“We are deeply disappointed by today’s decision to punitively increase UK gambling taxes, putting at risk an industry which already contributes £7 billion annually to the UK economy and supports over 100,000 jobs across the country.”

The company plans to mitigate 25% of the impact through reduced marketing and promotional spending beginning immediately upon tax implementation.

She warned that disproportionate tax increases could drive players to illegal, unregulated operators and potentially reduce overall tax revenues, as observed in other countries with similar policy changes.

Market reaction reflects investor caution

The share price decline on Thursday reflected investor concerns about leadership continuity at a time when Entain navigates multiple regulatory challenges.

The operator maintains podium positions (top three by market share) in markets generating 85% to 90% of its revenues. The operator has emphasised the quality of its earnings base, with 98% of revenues coming from locally licensed and regulated markets where it pays taxes and adheres to local rules.

Wood’s departure follows the exit of former CEO Jette Nygaard-Andersen in December 2023, after which Stella David was appointed, initially as interim CEO. The earlier leadership change came after mounting pressure over the company’s M&A strategy and a £585m financial penalty related to historical activities in Turkey.

High-profile legal case unfolds in 2026

The Crown Prosecution Service authorised charges in August 2025 against 11 individuals, including former GVC Holdings CEO Kenny Alexander, former chairman Lee Feldman and former CFO Richard Cooper, for alleged offences relating to the provision of gambling services in Turkey between 2011 and 2018.

A trial involving Alexander and six other defendants has been scheduled for February 2028 at Southwark Crown Court, with four months allocated for proceedings. Entain has confirmed it has not been charged and none of the individuals facing prosecution remain employed by the company.