Stock of the day: what Gillon McLachlan's appointment means for Tabcorp
Tabcorp (ASX: TAH) appoints former AFL chief executive Gillon McLachlan as the new CEO. Analysts suggest a wait-and-see approach as the company undergoes transformation amidst regulatory challenges and growing competition.
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Stock of the day: Tabcorp (ASX: TAH)
CEO's surprising appointment
Tabcorp, a gambling company, recently appointed former AFL chief executive Gillon McLachlan as its new CEO. McLachlan's leadership in sports is seen as a significant asset amidst the company’s ongoing transformation and rising international competition. Despite this, Tabcorp’s share price dipped by 1% to $0.65 in a generally flat market.
Analysts' perspective
Analysts remain cautious about Tabcorp's near-term prospects, given the company’s underperformance, regulatory pressures, and intense competition. They have recommended a wait-and-see approach, highlighting that Tabcorp is still in a transition phase. There is also a notable suggestion to switch investments from Tabcorp to PointsBet, a competitor viewed as having a more favourable investment case.
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