KEY POINTS:
It seems to be a day for the sudden departure of CEOs.
On the same day that Restaurant Brands chief Vicki Salmon packed her bags and left the company, an Australian company boss has also made an abrupt exit.
Tabcorp Holding Ltd chief executive officer Matthew Slatter has
left the company, effective today, after more than four years in the top job.
His sudden departure has precipitated an international search for a replacement that will include internal and external candidates, Tabcorp said.
Chief executive of the group's Australian business division Elmer Funke Kupper will act as chief executive officer until a replacement is found.
"Mr Slatter will leave the company today," it said.
"He will be paid up until today's termination and will receive other entitlements in line with his contract."
Last month, Tabcorp booked a 9.6 per cent fall in first half profit to A$256.2 million ($294.1 million).
Underlying net profit, excluding non-recurring items, fell 3.6 per cent, to A$270.3 million.
The fall was pinned on weaker revenue from its casinos division, which was hit by smoking bans, and increased expenses related to restructuring costs.
"Matthew has been responsible for the growth and development of Tabcorp since October 2002, and has led key strategic projects during that time," chairman Michael Robinson said.
"The acquisition of Jupiters Ltd and TAB Ltd were excellent strategic initiatives.
"He has made an invaluable contribution and has built a strong team around him."
Mr Slatter joined the company in October 2002 after leaving his job as chief financial officer at AXA Asia Pacific Holdings Ltd.
Tabcorp last year failed in its bid for Queensland based rival Unitab Ltd.
The target eventually merged with Tattersall's Ltd after Tabcorp's offer was blocked by the competition regulator.
Tabcorp said Mr Slatter will received a payment of A$3.21 million, amounting to a year's salary in lieu of notice.
He will also received an annualised component of his long term incentive scheme.
But he must pay back within 90 days an earlier loan of A$5.90 million, plus any accrued interest, funded by Tabcorp to purchase shares in the company.
Mr Slatter was given the loan when he signed on as chief executive under the company's senior executive long term incentive plan to enable him to purchase shares in the company.
Mr Funke Kupper joined Tabcorp in February 2006, after holding senior executive positions at ANZ Banking Corp Ltd.
Tabcorp shares closed yesterday at A$17.15.
- AAP
