Tabcorp Holdings announced the resignation of its CEO, Adam Rytenskild, after the board became aware of his use of “offensive” and “inappropriate” language in the workplace. The board found Rytenskild’s language inconsistent with his leadership role, prompting his immediate resignation following discussions.

While Rytenskild stated that he does not recall making the alleged comment, he acknowledged the resignation, expressing regret over the incident. The company did not clarify whether the inappropriate language occurred on a single occasion, and further details were not immediately provided in response to inquiries.

As part of his departure, Rytenskild will only receive termination payments mandated by law and his contract. Additionally, he will forfeit all unvested short-term and long-term incentive awards, according to Tabcorp.

Source: Reuters