British bookmaker 888 Holdings announced that its newly appointed Chief Executive Officer Per Widerström has officially taken charge.
Widerström’s appointment was initially announced in July. He has over 17 years of experience in the online gaming industry and is the former CEO of Europe-focused Fortuna Entertainment Group. Prior to Fortuna, he held a succession of senior roles across online gaming businesses from 2006 onwards.
The company also said Lord Mendelsohn, who had been acting as interim Executive Chair since 30 January, has returned to his position as Non-Executive Chair.
Lord Mendelsohn
“In line with the announcement on 26 September, Lord Mendelsohn has also been appointed as a member of the Nominations Committee with immediate effect,” the company said in a statement.
The initial announcement came shortly after the company terminated its voting rights deal with FS Gaming Investments and former Entain chief Shay Segev. In an official filing with regulatory authorities, 888 Holdings said FS Gaming has slashed its voting rights in the company from 6.57% to 4.55%.
888 decided to terminate discussions with FS Gaming over voting rights following concerns raised by the UK Gambling Commission. A move that would have seen a number of appointments made to the gambling group’s board led the UKGC to warn 888 of a potential license suspension or revocation.
Earlier in January, former 888 Holdings CEO Itai Pazner stepped down as the CEO after leading the company for around four years. During Pazner’s tenure, the company acquired William Hill’s international assets from US-based owner Caesars Entertainment in 2021.
The company recently said it is anticipating a decline of approximately 10% in overall revenue for the third quarter of 2023, which is expected to reach around £400 million ($488.2 million).
The company, which operates 888casino, 888poker, 888sport among other brands, said it now expected fiscal 2023 adjusted core profit margin to be about 18-19%, down from 20% guided previously. The group said it will release its third quarter trading update on Wednesday 18 October.
888 recently reported a 165% growth in revenue for the first half of 2023, amounting to £882 million ($1.12 billion) and with Adjusted EBITDA surging by an impressive 211%, reaching £155.6 million (about $198 million). Despite the revenue jump, the group reported an after-tax loss of £33 million ($41.9 million) for the period compared to profit-after-tax of £12 million (approximately $15 million) in H1-22.
Original article: https://www.yogonet.com/international/noticias/2023/10/17/69222-per-widerstrm-takes-charge-as-ceo-at-888-lord-mendelsohn-returns-as-nonexecutive-chair
