Rosemary Thorne, one of the few female finance directors in the FTSE 250, is leaving Ladbrokes to 'pursue other challenges'.
Thorne exits this month, just over a year after she joined the gaming company. She is replaced by Brian Wallace, formerly the deputy chief executive and group finance director of the Hilton Group.
Wallace is effectively returning to his old job since the Hilton Group changed its name to Ladbrokes after it sold its Hilton International hotel arm to Hilton Hotels Corporation in February 2006.
A statement from Ladbrokes credited Thorne with playing 'a significant part in the transition of the organisation into an independent betting and gaming plc following the disposal of the Hilton International hotels division'.
Ladbrokes chief executive Christopher Bell also thanked her for her 'valuable contribution'.
Before joining Ladbrokes Thorne was FD of building society Bradford & Bingley and J Sainsbury.