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

(Reuters) – Ladbrokes and bwin owner GVC Holdings announced the departure of Chief Executive Officer 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-CEO, 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.

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

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 pounds ($426.94 million) to 350 million pounds.

The company posted an 86% 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%.

($1 = 0.7964 pounds)

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber)