Ladbrokes Australia confirms Cherry as new chief executive

Ladbrokes Australia has announced that chief operating officer Paul Cherry is to replace Dean Shannon as chief executive.

Cherry will move into the role when Shannon steps down in February next year, having served in his current role since the business’ inception.

Shannon, who founded the Bookmaker.com.au website and sold it to Ladbrokes in September 2013, is leaving the company for undisclosed personal reasons, but will continue to act as an advisor.

“I have enjoyed my time in the bookmaking sector and am very proud of what we have built and achieved in the Australian market,” Shannon said.

“The business has an experienced management team that is passionate about sports betting and focused on results and I firmly believe that the Ladbrokes story has much further to run.

“Paul is a talented executive and the natural choice and I am pleased that he will be given the chance to maintain Ladbrokes Australia’s momentum.”

Jim Mullen, chief executive of Ladbrokes, added: “We always knew the day would come when Dean would want to step down. He has been instrumental to the success of Ladbrokes in Australia.

“He has established a challenger brand and won customers through innovation; his success can be seen in the customer metrics and in the fact we are now the No.3 recognised brand from a standing start just three years ago.

“Paul Cherry has been core to Ladbrokes success and has been a key part of the management team since we acquired the business; we are proud of what has been achieved in Australia and are confident in the ability of the team to take the business forward to the next stage of growth and strategic development.”

Related article: Ladbrokes extends backing of Melbourne Racing