News: TAH UPDATE 1-Tabcorp CEO resigns after allegations around use of 'inappropriate' language

(Updates with further details and background from paragraph 2 onwards)

March 14 (Reuters) -

Australia's Tabcorp (TAH) on Thursday said its managing director and CEO Adam Rytenskild resigned after the Australian bookmaker became aware of "inappropriate" and "offensive" language used by the company chief in the workplace.

Tabcorp's board considered the language used by its chief to be inconsistent with his leadership and following discussions with board, Rytenskild stepped down immediately, according to the company.

Rytenskild will receive only the termination payments required by law and under his contract and will forfeit all his unvested short-term incentive and long-term incentive awards, the racing and wagering giant said.

The outgoing CEO, however, said: "I don't recall making the alleged comment and it's not language I would usually use, but I have regrettably agreed to resign," according to a statement by Tabcorp.

"Tabcorp has been an enormous part of my life for many years and I believe in the journey the company is on," Rytenskild said.

Tabcorp's board has appointed Maritana Partners to commence a global search for a new managing director and CEO, it said.