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Entain has installed interim boss Stella David as its permanent chief executive, as the gambling group tries to steady the ship after five years in which it has had four bosses.

Ms David, who was previously non-executive chairwoman, came in to replace Gavin Isaacs in February when he resigned after just five months in the role.

Before Mr Isaacs, it was Danish businesswoman Jette Nygaard-Andersen, who suddenly resigned in December 2023 following reports that shareholders were unhappy with her leadership.

Entain is listed on the FTSE 100 and owns Ladbrokes, Coral and BetMGM, but has seen its stock market value plummet in recent years amid a series of legal woes.

In 2023, it was hit with a £585 million penalty agreed with HM Revenue & Customs to settle charges related to alleged bribery offences in Turkey.

And it was taken to court by Australia’s financial crime regulator late last year over allegations it breached anti-money laundering rules in the country.

The firm’s market value has slumped more than 70% since a high in 2021.

Pierre Bouchut, Entain’s interim chairman, said Ms David’s appointment “provides consistency and stability”.

He added that she had already “played a pivotal role” in shaping and carrying out Entain’s strategy.

The group said on Tuesday that it had a stronger start to the year than it expected, with an 11% rise in first quarter net gaming revenue compared with the same period last year.

And net gaming revenue across the UK and Ireland rose 10% year-on-year, driven by a large rise in its online business.

Ms David said: “We are in the early stages of our journey of improvement and are driving ahead at pace.”