Business

Ladbrokes owner GVC’s long-time CEO to step down

Kenneth Alexander will be replaced by chief operating officer Shay Segev

Photograph: Aidan Crawley

Thu Jul 16 2020 - 08:06

Ladbrokes owner GVC Holdings announced the departure of chief executive 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 chief executive, 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.

Mr 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 Mr Alexander has offered to remain available to Mr Segev and the team as required.

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Core earnings

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 (€374 million) to £350 million.

The company posted an 86 per cent 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 per cent. – Reuters

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