13 Jul

Gambling News

Richard Harris will be appointed CEO of Rank Group, continuing its current trajectory.

Richard Harris, the temporary CEO of the land-based casino operator, will assume the position permanently with immediate effect, according to Rank Group.

After former CEO John O'Reilly retired on January 30, the former Chief Financial Officer took over as Rank's interim CEO.

Before Harris was chosen for the job, both internal and external applicants were taken into consideration. The group's Nominations Committee, led by John Ott, oversaw the search process, which was aided by independent executive search firm MWM Consulting.

Harris has "proven that he is well placed to lead Rank as it embarks on an exciting next stage in its development," according to the operator, who emphasized Harris' leadership of the company over the previous six months.

"Rank is an industry-leading business with a strong portfolio of brands which are synonymous with the UK gaming industry," Harris said in response to his appointment. 

"As we continue to drive growth and evolve the Group's strategy, I am proud of what Rank has accomplished during my time as CFO, and I look forward to building on this momentum." I look forward to an exciting future as CEO of the Rank Group and would want to thank all of my coworkers for their dedication and support over the past four years.

Harris' replacement as the operator's CFO was not disclosed by Rank.

Harris is a "outstanding choice," according to Rank.
Prior to joining Rank as CFO in May 2022, Harris held top executive positions in a number of consumer-facing companies, such as Laird, Foxtons, and Marks & Spencer.

In addition to the now-confirmed Financial Risk Assessments (FRAs), which have put the Gambling Commission under scrutiny from both the government and industry stakeholders, the operator now attempts to mitigate the effects of remote gaming duty rises in the UK.

"I am thrilled to confirm Richard's appointment as CEO of The Rank Group," Ott continued. The Board unanimously decided that Richard was the best option after a rigorous hiring process that produced a solid pool of applicants. 

"I am happy that he has agreed to lead Rank as it continues to advance the development of the longer-term strategy and the achievement of the medium-term goal of generating at least £100 million in operating profit."

On August 13, Rank is scheduled to release its initial announcement of the final results for 2025–2026.

"Customers recognize the investment and improvements we have been making and are responding enthusiastically," O'Reilly said in his farewell remarks as Rank CEO in January. The business's medium-term outlook and underlying indicators are still positive, and we have the foundation in place to take advantage of the possibilities that lie ahead.

"More cost challenges will arise in the second half of the year, namely in our UK digital business, which will be affected by the UK Government's significant tax rate increase. While maintaining our focus on the customer experience, we have already taken steps to lessen some of this impact. The Group will react quickly as the UK's highly disruptive landscape takes shape.