Rank Group has confirmed that Alex Thursby will step down from his role as non-executive chair after serving for six years. Thursby informed the board of his decision not to seek re-election, thus officially marking his exit at the annual general meeting on 15 October.
Thursby joined Rank as a non-executive director in August 2017 and later ascended to chair in October 2019. His prior experience includes a tenure as chief executive of the National Bank of Abu Dhabi from 2013 to 2016 and various senior roles at Australia and New Zealand Banking Group. His career spans two decades at Standard Chartered Bank, where he gained significant experience in financial services leadership.
Reflecting on his time with Rank, Thursby remarked that recent developments in the legislative landscape for casinos, coupled with the scaling of Rank’s digital business, make this an opportune moment for a leadership transition. He expressed confidence in the solid foundation laid during his tenure, asserting that Rank is well-prepared to embark on the next chapter of its history. “Stepping down now, I leave with pride in our achievements, especially in governance and procedural improvements, and with optimism for the future,” Thursby commented.
The search for Thursby’s successor is already in motion, with Rank confirming that the process is “well advanced” and an announcement is anticipated within the coming months. In the interim, Karen Whitworth, the senior independent director, will assume the role of interim chair. Lucinda Charles-Jones and Keith Laslop will take on interim roles as senior independent director and audit committee chair, respectively.
Rank CEO John O’Reilly commended Thursby’s tenure, acknowledging his dedication and the positive impact on the group. “His guidance has been instrumental in our recent successes and strategic direction,” O’Reilly noted, expressing gratitude for Thursby’s commitment to the company and its stakeholders.
The announcement of Thursby’s departure coincides with Rank’s publication of its FY25 financial results, which highlighted growth across all core segments. The group’s net gaming revenue increased by 8% to £795.4 million, while net profit surged by 248% to £44.6 million. These results underscore the company’s resilience amid regulatory shifts.
The UK gambling sector is currently adapting to new regulations introduced in April 2025, designed to address problem gambling. A statutory levy was implemented, raising the contribution rate from 0.1% to 1.1%, alongside a new maximum stake limit of £5 for online slots, and £2 for players under 25. Rank reported that these changes affected its digital profitability by approximately £1 million in the last quarter, with an anticipated annual impact of £4 million.
Despite these regulatory challenges, Rank has capitalized on other legislative adjustments to expand its operations. The company is actively working on increasing the number of gaming terminals across its UK locations and plans to introduce sports betting at its venues for the first time.
As Rank navigates this transitional period, it faces differing perspectives on its future trajectory. While some industry analysts view the new regulations as a potential hindrance to profitability, others see opportunities for growth in areas like sports betting and enhanced digital capabilities. The ability to adapt and innovate will be critical as Rank continues to align its strategies with evolving market dynamics.
Rank remains optimistic about its strategic initiatives and the leadership transition. The company is poised to leverage its strengths in a rapidly changing industry landscape. As Thursby steps down, the focus will be on sustaining the momentum built under his leadership while embracing new opportunities for growth and innovation.
The broader iGaming industry, affected by similar regulatory changes worldwide, watches closely as Rank positions itself for future challenges and opportunities. The evolving regulatory environment necessitates a delicate balance between compliance and growth, a task that will require adept leadership and strategic foresight.
Rank’s journey ahead will be shaped by its ability to navigate the complexities of the current market, driven by a commitment to responsible gaming and an enhanced customer experience. As the company prepares to announce its new chair, stakeholders will be keenly observing how Rank adapts its strategies to maintain its competitive edge in the global iGaming arena.
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