Brian Mattingley has been appointed as the new chairman of Playtech Plc, completing a nearly two-year hunt for a successor to Alan Jackson.
Mattingley, who is approaching the end of his 15-year term as 888 Holdings’ Executive Chairman, has decided to join FTSE250 Playtech.
After confirming his departure last September, Mattingley is expected to leave 888 in May, with the FTSE online gaming firm soon naming former New Labour advisor Lord Jonathan Mendelsohn as the designated company chairman.
Mattingley explained: “I’m very pleased to be joining Playtech, at such an exciting time in the Company’s development.
“Playtech is ideally placed to continue to build on its market leadership position and I look forward to working with everyone at Playtech to drive forward its strategy and capitalise on the opportunities ahead.”
Disappointment in ‘succession duties’
Investors in Playtech have publicly voiced their disappointment with the company’s failure to perform its “succession duties.”
Following Jackson’s official resignation in May, Playtech named non-executive director Claire Milne as Interim Chair, with the company’s board confirming that it had stopped its executive search due to the COVID-19 pandemic’s “significant limitations and restrictions.”
The naming of Mattingley would assuage investor fears regarding Playtech’s strategic turnaround, which had called on the company to recruit an industry-experienced executive to chair its management.
Mattingley will have to mend deep shareholder rifts after three years of underperformance, during which Playtech’s FTSE value has been halved.
As part of its plan to refocus the company entirely on gambling, Playtech sold its non-gaming assets YoYo Games and financial services subsidiary Finalto during 2020 trading, plotting its return to the FTSE100 index.