GVC Holdings has announced that its Chief Executive Officer, Keith Alexander, will retire after 13 years from the Board and the company.
Following a long-term succession process, GVC Chief Operating Officer Shay Segev will succeed Alexander as of tomorrow (July 17), effective. Alexander will remain at GVC as a business executive for a limited period of time to assist with the transition.
On his retirement, Alexander stressed the reasons behind his decision to leave: “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.”
As part of the succession planning process Segev, who has been at the firm since 2016, is also directly responsible for GVC ‘s proprietary technology platform, its US joint venture with MGM Resorts, all group M&A and corporate growth operation and retail market, as well as the product, trading and customer support departments, among others.
Following his promotion, Segev stressed and applauded the stewardship of Alexander, remarking:
“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.”
During his 13-year tenure, Alexander led back-to-back multibillion bwin.party Entertainment acquisitions in 2016 and Ladbrokes Coral ‘s £ 4bn takeover in 2017.
GVC Chairman Barry Gibson stressed the impact that Alexander had on the company expressing that the CEO has done ‘more in the past 13 years than most people manage in a lifetime’ and highlighted the ‘contribution and leadership’ that Segev has brought since arriving in 2016.
Gibson concluded: “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.
“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.”