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Ladbrokes CFO Bull to leave in February

16 September 2015

LADBROKES have announced chief financial officer Ian Bull will leave the company in February 2016 as part of the reorganisation prompted by merger talks with Gala Coral.

Paul Bowtell, Coral's chief financial officer, is set to become finance director of the combined business.

Bull joined Ladbrokes in July 2011 and has agreed to stay with the business until the announcement of the 2015 full year results scheduled for the end of February 2016.

If the merger completes before that date it has been agreed Bull would leave shortly after completion and if the merger completes after that date then the Ladbrokes board would put in place appropriate arrangements.

Chairman Peter Erskine said: "Ian has worked tirelessly through what have been challenging times and has helped steer Ladbrokes to this exciting point in its journey.

"We are pursuing an aggressive organic plan to build a stronger Ladbrokes as well as working on the proposed merger with the Coral Group, which will create a leading betting and gaming business and deliver substantial synergies.

"At the time of announcement of the proposed merger with Coral, we announced that Ian would be stepping down as Ladbrokes CFO and Ian has recently informed the Board that he wished to leave Ladbrokes on completion of the annual accounts, in order to pursue other potential opportunities.

"In accepting his request we are pleased that Ian has reiterated his commitment to delivering our organic strategy and in leading the current refinancing of the Group in preparation for the proposed merger. I am delighted that we will continue to benefit from Ian's energy and experience during this important time."

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