After GVC Holding announced a new chairman the company’s shares have taken a hit. In an announcement, the gambling operator said that it had appointed the chairman of Homeserve to chair its business.
As Lee Feldman, who has been on GVC’s board for 15 years and chaired the company for 11, announced to step down the company’s share prices dropped nearly 10 percent to 820p.
He would be stepping down 27 February. Feldman will be replaced by Barry Gibson who has been appointed as a non-executive of GVC with effect from today.
Gibson has served as chairman of FTSE 250 home repairs business Homeserve since 2010.
Stephen Morana, GVC’s senior independent non-executive director, said: “Our criteria for the new chairman included significant gambling sector experience, a demonstrable track-record of success on a range of high-profile public company boards, and a deep understanding of the evolving corporate governance landscape. After an extensive search, Barry stood out as exceeding all of those criteria.”
Last month, GVC also made a high-level appointment in Australia as it announced a new CEO for its Australian operations. Jason Scott was replaced with Dean Shanon to be GVC’s chief of operations in Australia.
Talking of the new role, Gibson said: “I see enormous potential for this business and am looking forward very much to helping GVC to be the most successful and responsible operator in the sector.”