Tabcorp chairman Bruce Akhurst is exiting the wagering business off the back investor's concerns with the direction of the company - shares are down around 50 per cent since the start of the year.

Akhurst will finish up his tenure at the conclusion of the company's 2024 Annual General Meeting on 23 October, and will be replaced by fellow director Brett Chenoweth at the end of the year. Chenoweth has been a Non-Executive Director of Tabcorp since 2022 and currently chairs the Risk, Compliance and Sustainability Committee. He will continue to serve in these roles until he assumes the Chairmanship.

Chenoweth currently chairs Adairs, Canberra Data Centres and Retire Australia, and holds directorships at EVT Limited and One New Zealand Group Limited, previously known as Vodafone New Zealand. His experience also includes his tenure as former CEO and Managing Director of APN News and Media Limited.

Akhurst will remain a Director, taking on additional executive responsibilities through to the end of the calendar year, while Managing Director and CEO Elect, Gillon McLachlan, undergoes the required regulatory approvals process.

Akhurst, reflecting on his tenure, said: “I’m proud of our achievements since Demerger. We’ve moved quickly to transform the company. We’re a faster, more innovative and more responsive organisation today than we have ever been. Over the last two years we’ve laid some important foundations for growth by winning the Victorian Licence, achieving structural reforms, and launching a new TAB App.”

He added: “I’m so pleased to have secured the services of Gill as our CEO, who with a strong team, will take the Company to the next level. With those major changes now complete, my job is done and the time is right to transition to a new leadership team."

Chenoweth said: “I’m pleased to continue the Company’s transformation. A significant amount of heavy lifting has been completed with the new TAB App, level playing field reforms and a refreshed leadership team. The work done over the last two years has been critical in building solid foundations and positioning us to capitalise when the market returns to growth."

Justin Milne, who joined Tabcorp as a Non-Executive Director in 2011, will also retire from the Board. “After more than a decade on the Board and with strong foundations laid post Demerger it’s a good time for Board renewal. I’ve seen a great many changes during my time at Tabcorp and the Company is now on a better footing to compete effectively in an evolving wagering market," said Milne.

A director search process is well advanced, and Milne will retire upon the appointment of a new Non-Executive Director.