Tabcorp CEO and Managing Director Adam Rystenskild has had to step down from his role. The Australian betting giant announced the news on Thursday, claiming that Rystenskild will leave the position immediately after using “inappropriate and offensive” language in the workplace.
I don’t recall making the alleged comment and it’s not language I would usually use”
Rystenskild – who has led Tabcorp for the last two years – provided his response to the accusations. He said: “I don’t recall making the alleged comment and it’s not language I would usually use, but I have regrettably agreed to resign.”
It is unclear what the “alleged comment” was as the company declined to provide further information.
As for his replacement, Tabcorp Chairman Bruce Akhurst will take on additional duties while the company searches for a new CEO and MD. He said the board “regrets” the sour ending to Rystenskild’s tenure, acknowledging his “commitment to Tabcorp’s growth over more than two decades.”
Tabcorp said Rystenskild will receive only termination payments required by law and will forfeit all unvested short and long-term incentive awards.