TAB NZ CEO to step down following Entain partnership approval
Mike Tod to vacate role after more than two years following ministerial approval of the 25-year strategic partnership with the FTSE 100 operator
TAB NZ CEO Mike Tod will resign on 1 June following the New Zealand government’s approval of Entain’s 25-year strategic partnership and funding agreement with the operator.
Tod leaves the company having joined as CEO in March 2021. He previously spent eight years with Air New Zealand in a series of senior roles.
Current Tab NZ general counsel Nick Roberts will take over as chief exec and TAB NZ CCO Cameron Rodger will become Entain NZ managing director.
The shake-up at the top of Tab NZ comes as Racing Minister Kieran McAnulty announced the approval of the 25-year strategic partnership between Entain and Tab NZ, which begins on 1 June.
Under the remit of the partnership, TAB NZ will be guaranteed funding of more than NZ$1bn (£505.8m) in the first five years to support the revitalisation of horseracing in the country.
The company will also explore new commercial partnerships with Entain and work with the government to help with further legislative reforms.
Tab NZ said the partnership would provide an immediate financial injection to the three racing codes and 38 national sporting organisations.
National sporting organisations will benefit from this partnership with a one-off boost of NZ$15m to be paid over the next three years. There will also be a NZ$500,000 payment to Sport NZ for women’s sport investment.
On Tod’s departure, TAB NZ chairman Mark Stewart said: “Mike has implemented and executed a strategy that has delivered the partnering arrangement with Entain, grown customer numbers to record levels and implemented world-first new products like no deductions.
“Under Mike’s watch, customer satisfaction and staff engagement scores have been lifted to their highest levels in over a decade, and TAB NZ’s racing and sporting stakeholders are set to reap the rewards from an outstanding legacy that he will leave.”
Dean Shannon, Entain Australia CEO, added: “We believe this 25-year strategic partnering arrangement will be a game-changer for sports betting in New Zealand.
“We’re pleased that it will help provide significant financial benefits to the three New Zealand racing codes and the vast array of national sporting organisations.”