The highly insulting comment the high-flying Tabcorp boss allegedly made that cost him his $2 million-a-year job and his $10 million bonus has been revealed.
Adam Rytenskild, 52, resigned as CEO with immediate effect on Thursday due to “inappropriate and offensive” language at work.
It followed that Tabcorp’s board decided that the language allegedly used was ‘inconsistent’ with its continued leadership.
Mr Rytenskild is said to have called the woman a ‘useless bastard’, ‘or words very close to that’, in front of a number of people. The Australian reported.
Rytenskild is said to have made the comment about this a high-ranking female figure in the gaming regulatory industry, who was not present.
Adam Rytenskild (pictured with sports couple Candace and David Warner in 2022) has been forced to resign amid allegations of inappropriate and offensive language
Mr Rytenskild has since said he does not remember making the alleged comment.
Despite working at the gambling giant for almost 24 years, he will only receive severance pay and has forfeited all bonuses.
His resignation cost him up to $10 million in unvested stock and options.
Tabcorp reportedly engaged external lawyers to investigate the allegations after a complaint was filed a fortnight ago.
The company’s board decided to terminate his employment before Mr Rytenskild tendered his resignation during an emergency meeting between the two parties on Wednesday.
“Tabcorp expects its leaders to uphold the company values at all times and will not hesitate to take action to uphold expected standards of conduct,” a company statement said.
‘To protect the privacy of those involved, Tabcorp does not intend to comment further on the conduct.’
Mr Rytenskild had held the top job for less than two years.
“I have no recollection of making the alleged comment and it is not language I would normally use, but I have unfortunately agreed to resign,” he said in Tabcorp’s statement.
Adam Rytenskild (pictured right) held the top job for just under two years
“Tabcorp has been an important part of my life for years and I believe in the journey the company is on.”
Tabcorp chairman Bruce Akhurst will fill the vacant positions of managing director and CEO until replacements are found.
“The board regrets that Mr Rytenskild’s employment has ended in this way,” Mr Akhurst said.
‘(It) recognizes his commitment to the growth of Tabcorp for 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 flipping burgers at a Mobil gas station as a teenager and became a father at 19 before first joining Tabcorp in 2000.
He worked his way up to become a director in 2010 and became CEO when Tabcorp spun off its lottery business in May 2022.
“To be honest, this is a bit informal, but to me it’s true,” Mr Rytenskild told The Australian Financial Review after his appointment to the top job.
‘I really have a ‘no dickhead policy’. I think that’s important.’
Tabcorp’s board decided that the language Adam Rytenskild allegedly used was “inconsistent” with his continued leadership