Casino and bingo firm Rank on hunt for new boss as industry veteran steps down

The company behind Mecca Bingo and Grosvenor Casino is on the hunt for a new chief executive after John O’Reilly said he was stepping down after nearly eight years in the job.

Rank Group said the betting industry veteran, 65, will retire on January 29 having taken over in 2018 and steered the business through the Covid-19 pandemic and subsequent recovery.

He will be replaced on an interim basis by chief financial officer Richard Harris while the company looks for a permanent replacement.

‘It has been a privilege to lead Rank for the past seven-and-a-half years, and I am proud of all that we have accomplished in that time,’ said O’Reilly.

John O'Reilly is standing down after nearly eight years in charge of Rank Group

The announcement came just weeks after Rank revealed its Spanish business had been the victim of a £6million payment fraud.

The shake-up comes at a challenging time for the industry after Rachel Reeves used the autumn Budget to raise remote gaming tax from 21 per cent to 40 per cent - a move that Rank has said will cost it £46million.

The hit will be partly offset by the £6million benefit of the Government’s move to ditch bingo duty, but still leave it with a £40million reduction in earnings.

Chairman John Ott paid tribute to O’Reilly’s ‘leadership of and passion for Rank since his appointment as chief executive in April 2018’.

‘His extensive gambling industry knowledge and experience, as well as deep operational skills, have combined to ensure that Rank is well positioned to build on the direction he established,’ Ott added.

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