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by Glenn Baird - July 16, 2020
Chief executive of GVC Holdings, Kenny Alexander, has announced that he will be stepping down from his role as of tomorrow.
Alexander has been at the helm at GVC Holdings for 13 years now, during which time he has turned the company into one of the biggest names in the gambling industry.
His departure will come as a shock for many within the gambling industry, especially when it was only 2 years ago that the oversaw one of the biggest deals in the UK when GVC Holding’s acquired Ladbrokes Coral.
Alexander has sighted personal reasons for his decision to step down: He said: “I have given 13 years to GVC and I now want to give some time to my family. I have enjoyed every minute of helping to grow GVC into the business that it is today, and am proud of all that has been achieved.
“We have the best people, brands and technology in our sector, and our joint venture in the US with MGM Resorts positions us very strongly for growth in that hugely exciting market.
“I have spent the last four months working from home and reflecting on my future plans, and this feels like the right moment.”
Chief operating officer, Shay Segev, will be stepping into the breach following Alexander’s departure and has been given the backing you would expect from Alexander who stated that, “As a shareholder, I know that our company will be in good hands.”
Segev said this in his official statement: “Kenny has been a fantastic colleague and leader during the four years I have worked with him,” Segev added. “Thanks to his stewardship I am succeeding him at a time when the business is in robust financial health with an exceptional team and exciting opportunities ahead of it, especially in the US.
“Our strategy will continue to be focused on our industry-leading technology, brands, products, marketing capabilities and people, as well as being absolutely committed to making gambling as safe and enjoyable as possible for our customers around the world.”
GVC chairman Barry Gibson had this to say on Alexander’s departure: “Kenny has built a remarkable global business, and has achieved more in the past 13 years than most people manage in a lifetime.
“We will miss him, but we also understand his wishes to hand over the reins after such a long and successful stint at the top of the company.”
Goodbody gaming and leisure analyst Gavin Kelleher said: “While the operational performance is excellent the news that CEO Kenny Alexander is to immediately retire from the business will come as a surprise to many and will be seen as a negative.
“Given he has been so instrumental to GVC’s development, this is understandable. However, we believe Shay Segev has been key to GVC’s success in the last four years and is an excellent replacement that is high calibre and ensures continuity.”
Despite the positive statements, price shares in GVC Holdings are down nearly 6% since the announcement was made.
The United Kingdom of Great Britain and Northern Ireland sits to the north-west of mainland Europe. The United Kingdom shares a border with The Republic of Ireland and has coasts on the Atlantic Ocean, Celtic Sea, North Sea, Irish Sea and English Channel. The population of the UK is approaching the 67.6 million mark leading to a fairly densely populated land mass. The gambling sector in the United Kingdom is entirely regulated and licensed by the UKGC – the United Kingdom Gambling Commission. Should players resident In the UK wish to gamble with foreign based operators there is no history of this being treated as a criminal offence, but high levels of protection exist for UK residents playing with UK licensed operators.
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