The chief executive of Rank Group, the company behind the Mecca Bingo and Grosvenor Casinos brands, is to step down after nearly eight years leading the business.
Leadership Change at the Helm
John O'Reilly will retire from his role as chief executive on 29 January 2026, the same day the FTSE 250 firm is scheduled to announce its half-year results. The board has confirmed that the company's chief financial officer, Richard Harris, will take over as interim CEO while a permanent successor is sought.
Rank stated that Mr O'Reilly's decision to retire followed discussions with the board. He has agreed to continue supporting the business in an advisory capacity until the end of the current financial year.
Challenges and Context for Departure
The leadership transition comes during a turbulent period for the gambling operator. Just over two weeks prior to this announcement, Rank disclosed that its Spanish division had fallen victim to a sophisticated payment fraud, resulting in a loss of €7.1 million (approximately £6.1 million).
Furthermore, the group is grappling with significant financial headwinds from recent government policy. The autumn Budget confirmed an increase in the remote gaming duty from 21% to 40%. Rank had previously warned that this tax hike would reduce its annual earnings by around £46 million.
While the simultaneous abolition of bingo duty will provide a £6 million benefit, the company still faces a net negative impact of roughly £40 million on its earnings.
Tributes and Future Direction
In a statement, John O'Reilly reflected on his tenure: "It has been a privilege to lead Rank for the past seven-and-a-half years, and I am proud of all that we have accomplished in that time."
Chairman John Ott paid tribute to the outgoing CEO's "leadership of and passion for Rank since his appointment as chief executive in April 2018." He added that Mr O'Reilly's industry knowledge and operational skills had positioned the company well for the future.
Regarding the interim appointment, Mr Ott expressed confidence that Richard Harris would "provide both important continuity and the strategic leadership required to drive the performance of the business and maximise shareholder returns." The board has now formally commenced the search for a permanent replacement to lead the Rank Group.
