British bookmaker Ladbrokes said it would begin a search to replace current chief executive Richard Glynn after his five-year stint at the helm.

It made the announcement in an update that reassured that trading was in line with the company's view. 

Ladbrokes has been struggling to keep pace with UK market leader William Hill in the growing online gambling market and Glynn's position had appeared under threat in recent months. 

The company said today that from the start Glynn's appointment had been to turn around the company within a five year term, a process the board said was on track.

"The board will shortly start a process to identify his successor and the search will evaluate both internal and external candidates," the company said in a statement today. 

It said that Glynn had agreed to continue as CEO into 2015 to oversee an orderly succession.