Zona de Azar UK – William Hill Owner 888 Hires New CEO

UK.- July 27th 2023 www.zonadeazar.com William Hill owner 888 has appointed Per Widerstrom as chief executive, ending a tumultuous leadership search after its former boss stepped down in January amid internal investigations over money laundering failures.

The gambling giant said Mr Widerstrom will take on the role from October 16.

He has more than 17 years of experience in the online gaming industry, having most recently held the position of chief executive at Central and Eastern European betting business Fortuna Entertainment Group.

His appointment ends a six-month hunt for a new boss after 888’s former chief executive, Itai Pazner, quit in January following four years in the role amid internal investigations into failures over anti-money laundering processes for its VIP customers in the Middle East.

Its finance boss, Yariv Dafna, is also expected to leave at the end of the year.

The group was in talks about appointing three gambling industry veterans to take over at the helm, but revealed earlier this month that its licence to operate in Britain was under review after the Gambling Commission stepped in to halt the leadership bid.

The discussions centred around the proposed appointment of three former Entain board members, who back FS Gaming, which has built a 6.6% stake in 888.

The investment vehicle suggested appointing Lee Feldman, Kenny Alexander and Stephen Morana as chairman, chief executive and chief financial officer respectively.

But the regulator had questions over the trio’s previous roles at Entain, which is embroiled in a four-year investigation over possible breaches of the Bribery Act from its former subsidiary in Turkey.

Shares slumped on the announcement on Tuesday.

The stock had already been suffering hefty losses, having also tumbled on the announcement of Mr Pazner’s abrupt departure on the back of steep declines in 2022 amid a slowdown in online gambling as the pandemic eased.

There has also been investor caution over its takeover of William Hill’s European operation, which saw 888 take on significant debt.

Mr Pazner presided over the £1.95 billion acquisition of the William Hill business, which included around 1,500 betting shops.

After Mr Widerstrom joins 888, executive chairman Lord Mendelsohn will revert to the position of non-executive chairman, having assumed both roles when Mr Pazner quit.

Lord Mendelsohn said: “Per has extensive experience in both public and private companies, and a long track record with a proven ability to execute value-creation plans.

“As well as being an energetic and inspiring leader, Per brings nearly two decades of highly relevant industry expertise into the role.”

He added: “Per not only understands the power and exciting potential of the business, but the board is also very pleased with his strong record and reputation on governance and compliance.”

The group will be hoping to put compliance issues behind it after it was hit with a £9.4 million fine by the UK’s Gambling Commission in 2022 for social responsibility and money laundering failings.

Edited by: @MaiaDigital www.zonadeazar.com