Tabcorp CEO Adam Rytenskild is forced to resign ‘after allegedly making offensive and sexual comments about female racing figures’
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The CEO and managing director of Tabcorp is stepping down after using inappropriate and offensive language, allegedly referring to a female racing figure.
Adam Rytenskild, who is paid more than $2 million a year and also owns $3.36 million in stock, has resigned and will step down immediately, Tabcorp said Thursday.
The betting giant said its board became aware of “inappropriate and offensive language used by Mr Rytenskild in the workplace” and felt it was inconsistent with his continued leadership.
The comment was said to have been offensive and sexual in nature and referred to a woman in the racing industry who was not present in the room, the Daily telegram reported.
His resignation will cost him as much as $10 million in unvested stock and options.
Adam Rytenskild has submitted his resignation and will step down immediately, Tabcorp said on Thursday. He is pictured with David and Candice Warner
“I do not recall making the alleged comment and it is not language I would normally use, but I have unfortunately agreed to resign,” Mr Rytenskild said in Tabcorp’s announcement.
The company did not specify what the language was and said it would make no further comment regarding the conduct to protect the privacy of those involved.
Mr. Rytenskild will receive only the severance benefits required by law and his contract and will forfeit any unvested short- and long-term incentive awards, Tabcorp said.
Adam Rytenskild is pictured presenting a trophy to trainer Annabel Neasham
Tabcorp chairman Bruce Akhurst will take on additional duties as executive chairman, effective immediately, while the company conducts a search for a new CEO and managing director.
‘The board regrets that Mr Rytenskild’s employment has ended in this way and recognizes his commitment to the growth of Tabcorp for more than twenty years, including the last two years as MD and CEO, and his contribution to the transformation of the company,” said Mr Akhurst.
Mr Rytenskild said Tabcorp had been a big part of his life for many years and he believed in the journey the company was on.