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London - British bookmaker Ladbrokes said it would replace under-pressure chief executive Richard Glynn after five years in charge, seeking a new leader to help strengthen its online operations.
Shares in Ladbrokes traded almost two percent higher on Wednesday, reflecting hopes that the change would enable the company to close the gap on market leader William Hill and compete better in the growing online sector.
"The feeling out there is that maybe a CEO change might change the fortune of the business in a positive direction," Panmure analyst Karl Burns said.
Ladbrokes, Britain's second largest bookmaker, reassured investors that it was trading in line with its expectations for 2014 and was confident of progress next year.
It said that Glynn had agreed to continue as CEO into 2015 to oversee what it termed an orderly succession, with the search for a new boss to start shortly.
Analysts said that Glynn's position had been under threat after profit warnings last year caused by problems in its online business. In its statement, Ladbrokes emphasised said that Glynn's mandate had been to turn around the company within five years when he took the job in 2010.
The new CEO will face a tough challenge.
