16 July 2020
GVC Holdings PLC
("GVC", the "Company")
GVC Holdings PLC (LSE: GVC), the global sports betting and gaming group, announces that, after 13 years as Chief Executive Officer, Kenneth Alexander is to retire from the Board and from the Company. He will be succeeded by Shay Segev, GVC’s Chief Operating Officer.
The changes, which follow a long-term succession process, will take place at the close of business tomorrow (17 July 2020). Shay will join the Board from 17 July 2020. Kenneth has offered to remain available to Shay and the team as required.
Kenneth joined GVC as CEO in 2007 and has overseen its development from a small AIM-listed company to a FTSE 100 global sports betting and gaming business, with over 25,000 colleagues in 20 offices across five continents.
Shay has been Chief Operating Officer of GVC since March 2016, joining shortly after GVC had acquired bwin.party digital entertainment plc. As part of the succession planning process, Shay already has direct responsibility for GVC’s industry-leading proprietary technology platform, its US joint venture with MGM Resorts, all Group M&A and Corporate Development activity, its retail business, as well as the product, trading and customer service teams, among others. He has also been instrumental in delivering the highly successful integrations of both bwin and Ladbrokes Coral.
Kenneth Alexander said:
“I have given 13 years to GVC and I now want to give some time to my family. I have enjoyed every minute of helping to grow GVC into the business that it is today, and am proud of all that has been achieved. We have the best people, brands and technology in our sector, and our joint venture in the US with MGM Resorts positions us very strongly for growth in that hugely exciting market.
“I have spent the last four months working from home and reflecting on my future plans, and this feels like the right moment. Whilst it is never easy to hand the baton on, it has been very clear for a number of years now that Shay is the right person to succeed me. He is an outstanding leader with a clear strategic vision and unrivalled technological expertise. As a shareholder, I know that our Company will be in good hands. He is also a firm advocate for the strongest possible protection for customers, and shares my philosophy that only a responsible company can be a sustainable and successful company.”
Barry Gibson, Chairman of GVC, said:
“Kenny has built a remarkable global business, and has achieved more in the past 13 years than most people manage in a lifetime. We will miss him, but we also understand his wishes to hand over the reins after such a long and successful stint at the top of the Company. On behalf of the Board, I would like to sincerely thank him for his significant contribution to GVC.
“The Board has kept succession plans under constant review, and has been extremely impressed by Shay’s contribution and leadership. We are very fortunate to have such a well-qualified and natural successor. He has a long track record of leading technology businesses, overseeing complex integration projects, and running large teams at a senior level. Today’s trading update shows just how strong this business is, and we look to the future with confidence under Shay’s leadership.”
Shay Segev said:
“I am hugely honoured to have been given this opportunity by the Board to lead GVC into the next phase of its development. Kenny has been a fantastic colleague and leader during the four years I have worked with him. Thanks to his stewardship I am succeeding him at a time when the business is in robust financial health with an exceptional team and exciting opportunities ahead of it, especially in the US. Our strategy will continue to be focused on our industry-leading technology, brands, products, marketing capabilities and people, as well as being absolutely committed to making gambling as safe and enjoyable as possible for our customers around the world.”
About Shay Segev:
Shay (44) has been Chief Operating Officer of GVC since March 2016, having previously been the Chief Strategy Officer of Gala Coral. He was formerly the Chief Operating Officer of Playtech plc. An Israeli citizen, Shay has a Bachelor of Applied Science degree in computer science from Tel Aviv University and a Masters in Business Administration (MBA) from the Kellogg School of Management at Northwestern University, Chicago.
There are no disclosures to be made in respect of Shay Segev under LR 9.6.13 of the Listing Rules. Shay owns 111,000 GVC ordinary shares.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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About GVC Holdings PLC
GVC Holdings PLC (LSE:GVC) is a FTSE100 company and is one of the world’s largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds and Sportingbet; Gaming Brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, partypoker and PartyCasino. The Group owns proprietary technology across all of its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis. The Group has also entered into a joint-venture with MGM Resorts to capitalise on the sports-betting and gaming opportunity in the US. The Group is tax resident in the UK with licenses in more than 20 countries, across five continents.
For more information see the Group’s website: www.gvc-plc.com
Notes for Editors
- In accordance with GVC’s directors' remuneration policy approved by shareholders on 24 June 2020, the Remuneration Committee agreed an annual basic salary of £675,000 for Shay Segev, lower than the current CEO’s annual basic salary of £816,000, reflecting the fact this is Shay’s first CEO role. He will be entitled to participate in the GVC’s Long Term Incentive Plan (“LTIP”) and Annual & Deferred Bonus Plan (“ADBP”) up to a maximum of 300% and 250% of annual salary respectively, with awards for on-target performance at 150% and 125% respectively.
- In accordance with GVC’s directors' remuneration policy, as a retiring participant, Kenneth Alexander will be treated as a “Good Leaver” under the terms of the LTIP and ADBP. He therefore retains his outstanding LTIP and ADBP share awards and these awards continue to vest over the original vesting period (i.e. there is no acceleration of vesting) and the awards will remain subject to malus and clawback provisions and the post-employment holding period. The LTIP awards are also subject to time apportionment based on service and, in the case of the 2018 to 2020 LTIP awards, the future satisfaction of performance measures. Kenneth will also receive a payment in lieu of notice equivalent to six months’ salary. Full details of the remuneration payable to Kenneth Alexander will be disclosed on the GVC corporate website and will be disclosed in the Company's annual report and accounts for the year ending 31 December 2020.