GVC Holdings appoints Shay Segev as chief executive officer

GVC Holdings chief executive officer Kenneth Alexander will step down from the role on 17 July to be replaced by current chief operating officer Shay Segev.

Alexander has led the London-listed gaming operator since 2007, during which time the business has transformed from a small AIM-listed company to a FTSE100 company with 25,000 staff across five continents.

He will retire from the company and board of directors on Friday and will be replaced by Segev, who has served as COO since March 2016, holding direct responsibility for GVC’s 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.

Segev was also instrumental in delivering the integrations of both bwin and Ladbrokes Coral.

“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,” said Alexander.

“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.”

Commenting on his new role, 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.”

GVC chairman Barry Gibson said that the company was fortunate to have such a well-qualified and natural successor in Segev and lauded Alexander’s achievements with the business.

“Kenny has built a remarkable global business, and has achieved more in the past 13 years than most people manage in a lifetime,” Gibson commented. “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.”

Shares in GVC Holdings plc. (LSE:GVC) closed up 5.23 per cent at 913.40 pence per share in London Wednesday, prior to today's announcement.