Kenny Alexander has retired as CEO of GVC Holdings, with Shay Segev appointed as his successor.
After 13 years in the post, Alexander felt the time was right to step down, though he is staying on at GVC during the transitional period.
The changes follow what GVC described as a “long-term succession process”, with Segev taking on the top job four years after joining the company following its acquisition of bwin.party.
Alexander had joined GVC in 2007, overseeing the development from an AIM listing to today’s FTSE 100 global sports betting and gaming business.
“I t has been very clear for a number of years now that Shay is the right person to succeed me,” Alexander said. “He is an outstanding leader with a clear strategic vision and unrivalled technological expertise. As a shareholder, I know that our company will be in good hands. He is also a firm advocate for the strongest possible protection for customers and shares my philosophy that only a responsible company can be a sustainable and successful company.”
Segev described himself as “hugely honoured” to have been handed the chance to lead GVC in its next phase of development.
“Kenny has been a fantastic colleague and leader during the four years I have worked with him,” he said. “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.”
In its latest results, GVC shrugged off the impact of the virus with an "encouraging" first half in 2020.
Net gaming revenue was down 11 per cent, but online gaming revenue was up 19 per cent, despite a lack of sporting events worldwide.
Alexander said: “Given the extraordinary circumstances in which the group is currently operating, delivering double-digit online net gaming revenue growth in all of our major territories is a very strong performance.”
The group managed to operate at cash neutral through the lockdown period. Its Ladbrokes and Coral brands migrated to GVC’s platform and first-half EBITDA is expected to be in the range of £340m-£350m.
