Australia-facing Tabcorp has announced the appointment of Brett Chenoweth as its new chairman following the decision by Bruce Akhurst to retire from the role.
Chenoweth will officially take over as chairman when Akhurst steps down after the group’s 2024 annual general meeting (AGM) on 23 October.
A hugely experienced executive, Chenoweth has been a non-executive director of Tabcorp since 2022. He is currently serving as chair of the Risk, Compliance and Sustainability Committee.
He served in a series of senior positions with various companies. This includes a two-year spell as CEO and managing director of Australian media group APN News and Media.
He also spent time at Silverfern Group, Telecom Corporation of New Zealand and Ecorp.
More recently, Chenoweth has focused more on directorship and chairman roles. He is currently a director of hospitality group EVT Limited and holds other, unlisted directorships including chairman of Canberra Data Centres and Retire Australia, as well as a director of software developer One New Zealand Group.
Continuing the transformation of Tabcorp
Commenting on his new role, Chenoweth said he is looking forward to continuing Tabcorp’s transformation. The company completed its demerger in 2022, splitting lottery operations from its wagering, media and gaming services.
“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,” Chenoweth said. “Further opportunity awaits and I’m looking forward to working closely with CEO elect Gill McLachlan and my board colleagues to unlock the shareholder value that we know lies within this company.”
Chenoweth also praised the outgoing Akhurst, who has been at the helm as chairman since July 2027.
“I want to pay tribute to Bruce for his outstanding leadership during the demerger and creation of a new Tabcorp,” Chenoweth said.
Akhurst is set to remain as a director performing additional executive responsibilities until the end of 2024. This includes assisting with the required regulatory approvals process for incoming CEO McLachlan.
“I’m proud of our achievements since the demerger,” Akhurst said. “We’ve moved quickly to transform the company. We’re a faster, more innovative and more responsive organisation today than we have ever been.
“I want to personally congratulate Brett on his appointment as chair. I will work closely with him to ensure a smooth transition over the coming months. Brett’s one of the great business minds I’ve worked with and I’m very pleased to be passing the chairmanship over to him.”
Shares rise on news of new chairman
Chenoweth’s move led to a significant increase in Tabcorp’s share price yesterday (19 September).
Its shares were up 5.8% on opening price at the time of writing. However, shares were up as much as 11.6% up earlier in the day.
