888 Chief to step Down

John Anderson, the chief executive of 888 Holdings is stepping down after six very successful years in charge of the online gambling group and just one year after he headed the float of the company on the London Stock Exchange.

‘Over recent months I have searched for somebody who I believe can take the company forward to its next level.’ Said Anderson, 57.

Although he will step down from his role as chief executive at the end of this year, he will remain on the payroll as a non-executive director on the board. Anderson’s successor will be Mr Gigi Levy who is currently 888 Holdings’ chief operating officer, he is based in Israel.

The company is still controlled wholly by its two founding Israeli families, Aharon Shaked and his brother Avi, who own 51 per cent of the business and the ben-Yitzkhak family who own 18 per cent.

Both families were tied into a post-IPO lock-up agreement, which prevented them from selling their shares, this agreement expires in two weeks time freeing the family up to sell shares as they see fit.

888 Holdings, based in Gibraltar is looking at acquisitions in what it expects to be a period of consolidation in the online gambling sector as a whole. They recently announced that they were looking into acquiring a sportsbook at some point in the first half of 2007.

Editor, Jackpot.co.uk - 2006-09-15 16:37:38

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