Tabcorp boss Adam Rytenskild has abruptly stepped down after a board investigation following an allegation he used sexually inappropriate language about a female regulatory official.
Two sources said the comment was in reference to a looming decision that would affect the profitability of the business. The sources said Rytenskild said he would perform a sexual act on the regulator if the decision went in the company’s favour. “The Tabcorp board became aware of inappropriate and offensive language used by Rytenskild in the workplace. The board considered the language to be inconsistent with Rytenskild’s continued leadership of the organisation,” the group told the Australian Securities Exchange on Thursday.The group confirmed Rytenskild would “receive only the termination payments required by law” and would forfeit his unvested short-term and long-term bonuses.