Nick Wilkinson will remain in the role until a successor has been appointed. The retirement was announced yesterday (11 February) as the company revealed its profit increase for the 26 weeks to 28 December 2024.
This news came on the same day as an announcement that the chief executive officer of sports betting and gaming company Entain, Gavin Isaacs, will step down, after five months in the role.
When C-suite leaders depart their roles, it can leave a significant gap within the company and can lead to uncertainty within the organisation, explained Ilona Popczyk, HR director of online video game retailer Green Man Gaming.
Popczyk told HR magazine: “To effectively support the C-suite, HR must collaborate closely and act as a trusted advisor. Trust and confidence are fundamental to the relationship between C-suite executives and HR.”
Read more: How can HR support retention in the C-suite?
Jim Moore, who works for the HR consultancy Hamilton Nash, explains that coaching and mental health therapy is extremely important for people who hold high-pressure roles, such as C-suite executives.
Moore told HR magazine: “Driven individuals can struggle to moderate themselves, so stepping in to encourage a good work-life balance can be vital for maintaining high performance in demanding roles. Regular coaching sessions can help reduce stress and provide a sounding board for decision-making.”
On 11 February, Reuters reported that there were “irreconcilable differences” between Isaacs and the Entain board. The report's sources stated that running a UK-listed company was very different to Isaacs' previous roles.
Tailored onboarding programmes that are specific to the roles and needs of the person, to support them coming into a new company, can be a necessity, Moore emphasised.
“There can be substantial differences in the culture between different sectors, from manufacturing to technology, or from the private to the public sector,” he said. “A leadership style that thrives in one culture could prove to be a liability in another.”
Read more: Quarter of employees do not trust their CEO
Niamh Graham, senior vice president of HR tech firm, Workhuman, explained that ensuring C-suite leaders feel seen and supported can help retain these high-value staff.
Graham said: “When leaders feel genuinely valued and part of a cohesive, values-driven community, it strengthens their commitment to the company and its long-term vision.”
