Tabcorp said it had started a “global search” for a replacement for Mr Attenborough,who has been managing director and CEO since 2011,while Steven Gregg - a Tabcorp director since 2012 - will take over as chairman.
The unusual move to replace both a CEO and chairman in quick succession follows growing shareholder angst about the company's leadership and performance.
Tabcorp's shares jumped 7.3 per cent in early trading to $3.69. By 11.30am,they were 5.2 per cent higher at $3.62.
Patrick Potts,a fund manager at Martin Currie,which is Tabcorp's fifth largest shareholder,said his fund had been pushing for changes since it joined Tabcorp's share register via its $11 billion merger with Tatts in 2017.
"We’ve been in ongoing discussions with the board around several governance issues,mainly around length of tenure,board accountability and board renewal,"Mr Potts said."We’re pleased to see the changes being made that we think will help realise value in the company.”
Mr Potts said Tabcorp should appoint an external candidate as CEO to bring a fresh set of eyes to the business,especially the wagering division,which has lost ground to “more nimble” online bookmakers such as Sportsbet,BetEasy and Ladbrokes.
Investors targeted Ms Dwyer,who is also an ANZ Bank director and has been on the Tabcorp board since 2005,at the company's annualgeneral meeting in October last year with 34.6 per cent of shareholders voting against her re-election. Tabcorp was hit with a first"strike"on its executive pay packet in 2018 and 14.5 per cent of shareholders lodged protest votes last year.