UK gambling operator William Hill today confirmed that the nine-month search for a new Chief Executive Officer has ended with the promotion of Interim CEO Philip Bowcock to a permanent position.
Mr. Bowcock joined the bookmaker in 2015 as Chief Financial Officer. Last summer, he was appointed as Interim CEO after former Chief Executive James Henderson left the company. Mr. Henderson received heavy criticism from investors after William Hill announced last spring that it would fail to reach original profit forecasts due to unsatisfactory online performance and unfriendly sports results.
Suggestions that Mr. Bowcock would be handed the bookmaker’s helm first spread late last month. However, William Hill remained tight-lipped until today. According to industry sources, the information about Mr. Bowcock’s promotion had not been welcomed very warmly by some of the company’s shareholders due to his lack of considerable experience in the gambling industry.
Commenting on today’s announcement, William Hill Chairman Gareth Davis said that the business has been driven forward in the nine months since Mr. Bowcock’s appointment and that the strategy he has presented has convinced the Board that he will be able to maintain that momentum.
As a permanent CEO, Mr. Bowcock will have to lead the operator through a rather difficult time. Looming restrictions in relation to the operation of fixed-odds betting terminals across UK betting shops may hit William Hill’s business severely. The bookmaker owns UK’s second largest retail betting chain and is highly dependent on the performance of its retail division.
It is believed that William Hill will be looking for a suitable partner to combine its operations with. According to industry analysts that suitable partner will probably be one with strong online gambling presence. A deal of this kind could help William Hill strengthen its online gaming and betting performance, while reducing its reliance on its UK retail operations.
Last year, the operator dismissed two takeover bids from rivals 888 Holdings and Rank Group and later on walked out of merger discussions with PokerStars owner Amaya.
With the pending measures against FOBTs and the new taxation treatment of online gaming freeplays, it will not be a surprise if a new consolidation wave is unleashed in the gambling space. And a merger/acquisition deal between William Hill and 888 could be a likely outcome, particularly given the fact that the two companies have been circling one another for several years now.
