The deeply offensive comment allegedly made by the high-flying boss of Tabcorp which cost him his $2million-a-year job and $10million bonus has been revealed.
Adam Rytenskild, 52, tendered his resignation as chief executive on Thursday, effective immediately, over the use of ‘inappropriate and offensive’ language at work.
It followed the Tabcorp board deciding the language allegedly used was ‘inconsistent’ with his continued leadership.
Mr Rytenskild allegedly called the woman a ‘useless c**t’, ‘or words very close to that effect’, in front of a number of people, The n reported.
Rytenskild is said to have made the remark about a senior female figure in the gaming regulatory industry, who was not present.
Adam Rytenskild (pictured centre with sporting couple Candace and David Warner in 2022) has been forced to resign amid claims of inappropriate and offensive language
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Mr Rytenskild has since said that he doesn’t recall making the alleged comment.
Despite racking up almost 24 years with the gambling giant, he will only receive a termination payment and has forfeited any bonuses.
His resignation has cost him up to $10m in unvested shares and options.
It’s been reported that Tabcorp engaged external lawyers to probe into the allegations after a complaint was made a fortnight ago.
The company board ruled to terminate his employment before Mr Rytenskild offered his resignation at an urgent meeting between the two parties on Wednesday.
‘Tabcorp expects its leaders to uphold company values at all times and will not hesitate to take action to uphold expected standards of conduct,’ a company statement read.
‘To protect the privacy of those involved, Tabcorp does not intend to make any further comment in relation to the conduct.’
Mr Rytenskild had been in the top job for just under two years.
‘I don’t recall making the alleged comment and it’s not language I would usually use, but I have regrettably agreed to resign,’ he said in the Tabcorp statement.
Adam Rytenskild (pictured right) was in the top job for just under two years
‘Tabcorp has been an enormous part of my life for many years and I believe in the journey the company is on.’
Tabcorp chair Bruce Akhurst will step into the vacant managing director and chief executive roles until replacements are found.
‘The board regrets that Mr Rytenskild’s employment has ended this way =,’ Mr Akhurst said.
‘[It] acknowledges his commitment to Tabcorp’s growth over more than two decades, including the last two years as MD and CEO, and his contribution to the transformation of the company.’
Mr Rytenskild started out flipping burgers at a Mobil service station as a teen and became a father at the age of 19 before he first joined Tabcorp in 2000.
He worked his way up to become an executive by 2010 and became chief executive when Tabcorp split off its lotteries business in May 2022.
‘Frankly, this is a bit colloquial, but it’s true for me,’ Mr Rytenskild told The n Financial Review following his appointment to the top job.
‘I really have a ‘no dickhead policy’. I think that’s important.’
The Tabcorp board decided the language allegedly used by Adam Rytenskild was ‘inconsistent’ with his continued leadership