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CEO John O’Reilly to retire amid €7.1M fraud and £40M earnings drop from tax hikes.
Rank, owner of Mecca Bingo, announced CEO John O’Reilly will retire on January 29 after nearly eight years, with CFO Richard Harris taking interim leadership.
O’Reilly’s departure follows a €7.1 million fraud in Spain and a UK tax hike on remote gaming from 21% to 40%, expected to cut annual earnings by £46 million—partially offset by a £6 million benefit from removing bingo duty, resulting in a net £40 million shortfall.
Chairman John Ott praised O’Reilly’s leadership, stating the company remains on strong footing.
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El CEO John O'Reilly se jubilará en medio de un fraude de 7,1 millones de euros y una caída de ganancias de 40 millones de libras debido a las subidas de impuestos.