GVC ROCKED BY SHOCK RETIREMENT
NEARLY £200million was wiped off the betting giant behind Ladbrokes and Coral yesterday after its long-time chief executive quit.
Shares in GVC fell 3.7% as it was announced Kenny Alexander would retire today.
The 51-year-old, who has been paid a colossal £63m since 2015, said lockdown had given him time to weigh up his future.
“I have given 13 years to GVC and I now want to give some time to my family,” said the Scottish-born accountant.
He will be replaced by the firm’s chief operating officer, Shay Segev.
Alexander masterminded GVC’s rise from a small gambling firm to one of the world’s biggest betting businesses. It is worth £5.3billion and employs 25,000 staff.
Growth came through a series of big-money takeovers. Isle of Man-based GVC’s brands also include bwin and Foxy Bingo, which
Kenny Alexander
Foxy Bingo’s Heather used actress Heather Graham in adverts.
Emilie Stevens, equity analyst at broker Hargreaves Lansdown, said: “A significant change at the helm at what is a turbulent time, with intense regulatory scrutiny and coronavirus implications sizeable, comes with risk.” Alexander’s shock departure came as GVC revealed a surge in online gambling during lockdown. Punters switched to gaming products after the forced shutdown of most sports. The closure of betting shops saw its UK retail sales crash 86% between April and June.
Profits in half of the expected between and £350m.
Ed Monk, associate director from Fidelity Personal Investing’s share-dealing service, said: “Idle hands turned to online gambling in lockdown.” the first year are to be £340m