Ladbrokes Coral owner’s boss surprises investors by quitting

KENNY Alexander, whose deal-making turned GVC into one of the world’s largest sports betting and gaming companies, today said he is quitting the Ladbrokes Coral owner.

His departure, effective tomorrow, comes after 13 years as chief executive and surprised investors, sending shares down 6% to 860p. In that time he transformed GVC from a small AIM-listed company into a FTSE 100 business with 25,000 staff and some of the industry’s biggest brands.

His highest-profile deal came in 2018 with the acquisition of Ladbrokes Coral, which brought a significant high street presence as well as online operations. GVC’s stable of brands also includes Sportingbet,

Eurobet, PartyPoker and Foxy Bingo. Alexander now wants to spend more time with his family: “I have spent the last four months working from home and reflecting on my future plans, and this feels like the right moment.”

He will be succeeded by chief operating officer Shay Segev, who joined in 2016 shortly after GVC’s acquisition of bwin.party digital entertainment.

Segev will be paid £675,000 a year, against Alexander’s salary of £816,000.

The change was revealed as GVC reported that online net gaming revenues grew 22% in the quarter to the end of June, despite the impact of sporting cancellations.

Alexander added: “We are pleased that there is no evidence of any increase in problem gambling during lockdown.”