Ladbrokes CEO Christopher Bell has announced he will be leaving the company in the summer. Bell has been at the helm of Ladbrokes for nine years and has worked for the company for 20.

A Ladbrokes spokesperson said that the company will be looking both internally and externally for a replacement.

From Gambling 911 (via the Wall Street Journal):

"[Mr.] Bell has made an invaluable contribution to the growth and development of Ladbrokes during his 20 years with the company," Chairman Peter Erskine said.

"It has been agreed between the board and Chris that this is an appropriate time to seek new leadership for the business," he added. "The board is currently engaged in the search for a new chief executive to fully capitalize on Ladbrokes's brand strength and position the company for a new era of profitable growth."

Mr. Bell, who made the decision last year to leave in 2010, said is simply "time to move on" after 20 years with Ladbrokes and for someone else to take the stewardship of the company. Mr. Bell said there are "very good people" at Ladbrokes that could replace him, but ultimately it is the board's decision. He declined to identify the internal candidates.