Ladbrokes-owner Entain gambles on search for new chair

Entain, the FTSE 100 gambling group which owns Ladbrokes, has kicked off a secret search for a new chairman, deepening the protracted uncertainty over the company's leadership.

Sky News has learnt that Entain, which has a market value of about £3.65bn, has instructed headhunters to identify a successor to chair Stella David, who is currently in her second stint as its interim chief executive. City sources said a number of candidates had been approached about replacing Ms David in recent weeks.

Money latest: Are Treasury-backed savings now the best place for your cash? The search implies either Ms David will herself become CEO on a permanent basis, or that she will leave the company altogether soon after a new CEO is recruited from elsewhere. One insider suggested that if she remained in the interim CEO role for a sustained period, she risked being deemed not to be independent if she sought to return to the chairmanship of the group.

The latest uncertainty over Entain's management risks fuelling unrest among investors battered by a string of governance and performance mishaps. Entain is scheduled to stage its annual general meeting on Wednesday morning, where it may be quizzed about the leadership hiatus.

Read more from Sky News:Stock markets rally as Trump rows back on Fed and China threatsGovernment borrows almost £15bn more than expectedMusk says his time working for Trump to 'drop significantly' Gavin Isaacs stepped down as chief executive in February after just five months in the job, with the company saying his departure was "by mutual agreement". It failed to offer a more detailed reason for his exit, although industry rumours suggested the and Ms David had failed to build a viable working relationship.

Entain declined to comment..