Ladbrokes, the bookmaker, today parted company with its finance director, Rosemary Thorne, after just 13 months in the job. She is expected to receive a £500,000 payoff.

She is being replaced with immediate effect by Brian Wallace, who is being hired back from Hilton Hotels Corporation, the US hotels company.

Ladbrokes said in a brief statement to the London Stock Exchange that Ms Thorne was leaving next month to “pursue other challenges”.

Ms Thorne, 55, was hired in January 2006 when Ladbrokes was known as Hilton Group. She replaced Wallace, who was also deputy chief executive, but who moved with Hilton, the company’s hotels arm, when it was sold to its US namesake.

The UK-based Hilton Group then changed its name to Ladbrokes.

Chief executive Christopher Bell thanked Ms Thorne for her contribution but said that Mr Wallace would strengthen the management team “particularly given his retail knowledge and international experience".

Ms Thorne’s departure comes despite Ladbrokes reporting forecast-busting annual profit growth two weeks ago. However, the share price has since fallen back to where it was roughly when Thorne joined. Today the price was down 8.25p at 398.75p.

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