Major UK gambling operator William Hill told Reuters that Chairman Gareth Davis would not resign from his post, although media reports from previous days had suggested such a turn of events.
A spokesperson of the company informed the news agency that Mr. Davis has been leading the search process for a new CEO and has been working closely with Interim CEO Philip Bowcock to ensure that all business priorities are delivered in due manner.
William Hill parted ways with former CEO James Henderson in July. Mr. Henderson spent more than 30 years at the company, the last two of which as its Chief Executive. He took over the reigns of a business with long traditions in the provision of land-based gambling offering. However, similarly to other major operators, William Hill has been struggling to adapt to the fast-paced changes within the industry; ones that involve the inevitable and quick implementation of innovative technology and online gambling services.
After Mr. Henderson had left the British bookmaker, The Times reported on Sunday that William Hill would start looking for a new Chairman next year. According to the newspaper, Mr. Davis has been heavily criticized by some of the gambling operator’s biggest investors, after it had entered merger talks with PokerStars owner Amaya. A deal with the Canadian company would have created a £5-billion gambling behemoth with omni-channel presence in a multitude of regulated and unregulated jurisdictions. Eventually, William Hill walked out of the proposed merger, coming heavily under fire from its biggest investor, Parvus Asset Management Europe Ltd.
In August, William Hill pulled the plug on a three-way merger with The Rank Group and 888 Holdings, as it did not want to embark on a voyage, based on “risk, debt, and hope.”
As reported by The Times, shareholders in the sports betting and gaming operator had voiced concerns that Mr. Davis has been chairing other companies and this has been taking a lot of time that he could have been devoting to William Hill. In addition, it had also been suggested that Mr. Davis’ other responsibilities deprived him of clear judgment on matters related to the bookmaker’s current state and future.
Despite the two failed deals, many will not find it surprising if William Hill’s name is connected with another merger or acquisition proposal any time soon. Three pairs (Paddy Power/Betfair, GVC Holdings/bwin.party, and Ladbrokes/Coral) of its biggest rivals last year unleashed a wave of such deals and the gambling operator is certainly looking for ways to acclimatize to the quick consolidation and growth of the industry.
