The chief executive of GVC, Kenneth Alexander is all set to put in his papers this week. The company said this has been a pre-planned move, though, as things would have it, it is coming at a time when the region along with the rest of the world is battling the Covid 19 pandemic. GVC chief operating officer Shay Segev is going to be the new chief, the company stated.
Interestingly, the announcement has come on the same day that the company announced a steep decline in its revenues owing to the coronavirus outbreak. For those not in the knowing, GVC is one of the largest sports betting and gambling company not only in the UK but is counted among the biggies in the field anywhere in the world. The company take pride in the proprietary software platform they have launched to allow sports betting and casino
As for Alexander, he has been at the helm of affairs at GVC since 2007. That was when the company used to be just a betting firm that very few knew about. Since then, the company went on to become a force to reckon with in its segment and grew to be a giant with a global footprint thanks to the several strategic acquisitions it made over the years.
Unfortunately, his illustrous career is coming to an end at a time when the UK, or for that matter, the entire EU and the world is battling the coronavirus outbreak. The country wide lockdown that it ensued keep players locked in their homes, with retail revenue plummeting 86 percent at one go just within the UK. The above figure applies to the time window spanning the three months till the end of June.
Online gaming though has seen a sharp spurt in demand, with GVC revealing a 22 percent rise in net gaming revenues. The company also stated this has to a large extent off set the reverses in fortunes it suffered it in retail segment. Seems poker and bingo is once again topping the charts as player start queuing up in retail stores.
Further, with stores gradually opening in different parts of the country and elsewhere, the initial response has also been good. The company said it is optimistic of regaining the lost ground soon enough what with players starting to show up in the retail scene even though the numbers still may not be as strong as it used to be during the pre-lockdown days.
About his retirement, Alexander said there could not be a better moment to do that than now. Incidentally, the retirement also comes at a time when he has also been working from home for the last four months once the Covid 19 induced lockdown came into force. This should have provided him enough time to transition into the new life he is going to lead post his retirement.
Alexander also said it has been an extremely satisfying journey for his so far being at the hot seat at GVC. However, he is now looking forward to spending some quality time with his family henceforth. He said it was apparent for the last few years that the time to hand over the reins to someone else is fast approaching, and that there is no one better suited to take up the job than Shay Segev.
Alexander added the company board has so far been very impressed with the way Shay has contributed to the company and the leadership skills he exhibited. He said all of that made Shay the natural choice to succeed him as the chief executive officer.
Shay, 44, has so far has been serving as the chief operating officer since 2016. He has held similar position at a number of gaming and sports betting firms before, which means there is a lot of experience that he brings to the table. Alexander exuded confidence GVC will be in safe hands under the aegis of Shay Segev.
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