Ladbrokes owner GVC's long-time CEO Kenneth Alexander to step down
Reuters
Published Jul 16, 2020 03:39AM ET
(Reuters) - Ladbrokes (LON:LCL) and bwin owner GVC Holdings (L:GVC) announced the departure of Chief Executive Officer Kenny Alexander on Thursday, after 13 years at the helm, during which he built the company into one of the world's biggest gambling businesses.
The outgoing-CEO, who oversaw a series of major acquisitions and led the company through coronavirus lockdowns that shut down its network of gambling shops, will be replaced by Chief Operating Officer Shay Segev.
Alexander said he had made the decision over the last four months. "This feels like the right moment," he said. "I have given 13 years to GVC and I now want to give some time to my family."
GVC said that Alexander has offered to remain available to Segev and the team as required.
The company, whose brands also include Coral, bwin and Foxy Bingo, said it expects first-half core earnings to be in the range of 340 million pounds ($426.94 million) to 350 million pounds.
The company posted an 86% plunge in UK retail like-for-like net gaming revenue for its second-quarter, hit by store closures due to the coronavirus lockdown. Net gaming revenue for European retail was also down 90%.
($1 = 0.7964 pounds)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.