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30 Jun 2011
THE FINANCE DIRECTOR and chief exec at gambling business Rank have resigned.
Paddy Gallagher, (pictured) who has been finance director since 2008, quit the FTSE 250 company along with Ian Burke.
Further reading
The news comes against the backdrop of Guoco's takeover offer for the casino operator which counts Mecca Bingo and Bluesq.com amongst its businesses.
The resignations were most likely motivated by the prospect of Guoco taking the gambling firm private and the fluctuations in the board's recommendations to investors over whether to accept the offer, the Financial Times reports.
A statement from Rank said in the interim both men "will remain with Rank so as to ensure an orderly handover to their respective successors when they have been identified".
The release also noted the board was "convening urgently to discuss these latest developments with its advisors".
Prior to joining Rank Gallagher was FD at Quadriga Worldwide, the digital services provider.
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