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Rank Group’s Managing Director Leaves Company To Seek New Opportunities
April 13, 2019 Aleksandra Zolotic
According to an announcement by Rank Group, the company’s managing director, Alan Morgan, will officially abandon his position in order to look for new opportunities. He will be on duty until July 31st. The group itself…
…which owns and operates Grosvenor Casino and Mecca Bingo will start looking for a successor as soon as possible. Until the candidate with the right qualifications appears, the one in charge to take over all Morgan’s responsibilities will be the groups CEO, John O’Reilly.
Morgan’s Journey To Rank
Prior to his time with Rank, Morgan spent two-and-a-half-years being a chairman of the industry body, the Bingo Association. Before this, he was serving as chief operating officer and commercial director for Spirit Pub Company for over five years. He ed Rank in September 2016…
…as MD for Mecca Bingo business. The next year – or, to be precise, in November 2017 – he took over the responsibility for the entire retail estate. His brief parting statement was as follows:
“I have had a very exciting three years with Rank and feel now is the appropriate time for a new challenge. I wish John and the team every success as they continue to work through the transformation plan.”
Best Wishes For Morgan’s Future
Morgan’s valuable experience inevitably contributed significantly to Rank Group. Commenting on his decision to resign and look for other business opportunities, the company’s CEO, John O’Reilly, said:
“I would like to thank Alan for all of his hard work in our retail businesses over the last three years. He has been instrumental in leading the transformation plan across the division and he leaves Rank with our best wishes for the future.”
Revenue Turbulences
The move was also the result of the recently announced revenue downfall, as well as the drop in profits for the first six months of 2018. This outcome could be regarded quite surprising having in mind the growth of digital takings. As far as figures are concerned, in the second half of 2018, the revenue fell down by 2.5% to £366.0m (€424.5m/$478.2m). Moreover, takings from venues went down by 3.9% to £302.1m. According to Rank…
… the performance will continue this negative trend because Grosvenor properties will have to adjust to significant changes such as stricter KYC checks and decreased contribution from VIP , as well as tougher UK. Nevertheless, there are still some positive statistics, such as the one for Rank digital business. It went up by 5.1% to £63.9m, with total digital revenue up 15.8% to £70.4m.
Source:
“Rank Group’s retail MD to stand down”, igamingbusiness.com, April 10, 2019.
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It seems to me that he wants to run away instead of putting more efforts to improve the situation and make the revenue go up, but who knows. Perhaps he just wants another job, that’s all.