Gala Coral Appoints Andy Hornby As New CEO
Article published on July 22, 2011 03:50am
by Hannah Swales
Gala Coral, one of the most reputed bingo brands in the United Kingdom, recently announced that it had appointed Andy Hornby as its new Chief Executive Officer.Rumor has it that the attempt to poach Hornby finally materialized after a year since Nick Rust moved out of the company to join Ladbrokes last year. According to a source, Hornby has joined the company to introduce a private equity buyout of the bookmaking vertical from what is left over in the Gala Coral group, which runs bingo and casino businesses as well. According to a representative from Coral, “We are delighted that someone of Hornby's caliber is taking the reins and will be chief executive of retail and remote gambling. Any breakup of the group is not planned or on the horizon.” The representative also added that Hornby took position of his new role in the company on Monday and the company had proclaimed the appointment internally. Although, they were still unsure as to how they were going to announce the news outside the company. Hornby was the former head of HBOS and Alliance Boots, and was frustrated when the company had to be bailed out during the economic recession. Stating that he needed to take a few steps back from the demands of a corporate life, Hornby left his position as the Chief Executive of healthcare retailer, Alliance Boots about four months back. He said, “After an intense last five years as CEO of two major companies, I have decided to take a few months' break and, having discussed it with the board of Alliance Boots, to stand down from my post as group chief executive.” The Executive Chairman of Alliance Boots, Stefano Pessina, also commented on the sudden departure of Andy, “Andy was stressed and decided to come back to a company where the workload is quite substantial, too early. Every day there are managers who are stressed and decide to take some time off.” According to an annual report established by Alliance Boots, Hornby was paid off £2.4m, which had £842,000 in salary, £750,000 of bonuses£41,000 of benefits and £337,000 of supplements for his pension. Hornby will be reporting to Carl Leaver, CEO of Coral and Ex-director of Marks and Spencer. Coral is headed by a group of its previous creditors which includes, Apollo Management, Cerberus, Park Square and York Capital, who took the reins of the company from a trio of private equity companies a year ago.