Lady Luck runs out: Lottery Corp CEO announces resignation
Lottery Corp chief executive Sue van der Merwe has resigned after three years leading the company, following its spin-out from gaming giant Tabcorp.
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The Lottery Corp is on the hunt for a new chief executive to replace Sue van der Merwe, who will resign after 35 years in the sector.
To ensure a smooth leadership transition Ms van der Merwe has agreed to work with the board until December.
Her departure comes three years after being appointed to lead TLC, which owns brands including Lotto and Keno, following its spin-out from gaming giant Tabcorp.
The market took news of her departure in its stride, with shares closing up 1c to $4.82 — just 2.6 per cent higher than its $4.70 closing price on its first trading day in May 2022.
South African-born Ms van der Merwe’s exit comes after a career spanning more than three decades in the sector, including stints with Golden Casket and Tatts Group.
Ms van der Merwe worked her way up through the executive ranks after starting as a brand manager of what was then the Queensland Lottery Gold Casket in 1990.
She said she was offered the job after answering a newspaper ad after moving to the Gold Coast from South Africa, but admitted she had to dash to a newsagency to figure out what buying a lottery ticket was all about
She says she was fortunate to find her passion at an early stage in her working career. “The close to 35 years I’ve spent in the lottery industry, culminating in leading TLC, has been an incredible career journey,” she said.
She has been credited with a significant role in a string of customer innovations, brand launches and the digitisation of the business which now sees one in three Australians buying a lottery ticket each week
TLC chairman Doug McTaggart said Ms van der Merwe had played an instrumental role in the success of the lottery industry in Australia.
“Her expertise has helped TLC to become the leading operator of lottery and Keno games in Australia, and one of the best-performing lottery businesses in the world,” Mr McTaggart said.
“The board congratulates Sue on her successful career and thanks her for her strong leadership of TLC from 2022 when it became a stand-alone ASX-listed company.”
Citi gaming analysts Adrian Lemme and Lavan Chelliah said they expected Ms van der Merwe’s successor to continue with her successful strategies.
“Sue has successfully led the company through its demerger in 2022 and we like the initiatives that have, or are being undertaken, to enhance the game portfolio,” they said. These included changes to Powerball, Saturday Lotto and Weekday Windfall, as well a proactive approach to seeking an early renewal of its Victorian lottery licence, which is due to expire in 2028.
The company last month reported a 6 per cent decline to $1.8bn in first-half revenue and 19 per cent slide in net profit to $176m as consumers tightened their belts amid tough economic times.
The company has announced it would refresh its popular Saturday Lotto — its second-largest game — in May, which will include increasing the first division prize from $5m to $6m.
The change would be accompanied by an increase in the price per game from 75c to 85c, the first price change to Saturday Lotto in five years.
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