Kenny Alexander has been Managing Director of GVC Holdings since 2007
The announcement surprised markets with GVC’s share price down nearly six percent in the news before proceeding to a partial recovery.
Alexander, 51, is to be replaced by Shay Segev, director of operations for GVC. The change, which according to GVC follows a “long-term succession process”, will take place on Friday when the offices are closed.
Since joining CEO in 2007, Alexander has built GVC from a small AIM listed company to be listed on the FTSE 100 following a number of acquisitions, including that of Ladbrokes Coral in 2018.
His time was not without controversy, with a number of disputes over corporate governance, while the rise of GVC also meant that the company was among those to bear the brunt of intense scrutiny. and critics that the industry has faced problem gambling.
Alexander said, “I gave GVC 13 years and now want to give my family time. I have appreciated every minute of helping GVC become the current company and I am proud of all that has been accomplished. .
“We have the best people, brands and technology in our industry, and our joint venture in the United States with MGM Resorts positions us very strongly for growth in this extremely exciting market.
“I have spent the past four months working from home and thinking about my future plans, and it seems like the right time. “
GVC President Barry Gibson thanked Alexander for his contribution to the business.
He said, “Kenny has built a remarkable global business and has accomplished more in the past 13 years than most people have had in their lifetime.
“We will miss him, but we also understand his desire to hand over the reins after such a long and successful passage at the top of the company. “
The director general of the Betting and Gaming Council, Michael Dugher, paid tribute to Alexander and said he looked forward to working with Segev, especially on the expected review of the Gaming Act.
“Kenny helped create the Betting and Gaming Council because I know he understood that the whole industry needed to drive change in the future and work for ever higher standards,” added Dugher.
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Shay Segev: succeed Alexander as CEO of GVC
Segev, 44, has been chief operating officer of GVC since 2016, having previously been strategic director of Gala Coral and general manager of gaming technology company Playtech.
He said he was “extremely honored” to have had the opportunity.
“Kenny has been a fantastic colleague and leader during the four years I have worked with,” said Segev. “Thanks to his management, I succeed him at a time when the company is in good financial health with an exceptional team and interesting opportunities ahead of it, particularly in the United States.
“Our strategy will continue to focus on our leading technology, brands, products, marketing capabilities and people, as well as our absolute commitment to making the game as safe and enjoyable as possible for our customers around the world. “
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