Title: 888 Appoints Per Widerström as CEO, Ousting Former Candidate Alexander
Introduction:
In a surprising turn of events, betting giant 888 has chosen Per Widerström as its new CEO, ending a six-month search for a replacement. The decision came as a blow to shareholder Kenny Alexander and investment group FS Gaming, who had hoped to appoint Alexander as the new boss. However, the Gambling Commission’s review of 888 forced the company to reconsider the appointment. In this article, we delve into 888’s CEO selection process, the controversies surrounding former CEO candidate Alexander, and the implications for the company’s future.
I. 888 Chooses Per Widerström as New CEO
A. After a rigorous selection process, Per Widerström was chosen as the new CEO of 888.
B. Widerström previously served as the CEO of Eastern European gambling group Fortuna.
C. 888’s CEO Lord Mendelsohn highlighted Widerström’s track record and reputation in governance and compliance as key factors in his appointment.
II. Shareholder Kenny Alexander’s Involvement
A. Investment group FS Gaming, led by former boss Kenny Alexander, aimed to replace Itai Pazner as 888’s CEO.
B. Alexander, the former CEO of Entain (previously known as GVC), was ousted amid an HMRC investigation into his alleged links with a Turkish company.
C. FS Gaming’s plans to appoint Alexander fell apart due to the Gambling Commission’s review and the threat of 888 losing its license.
III. Controversies Surrounding Alexander and 888
A. Alexander’s involvement in the Turkish company and the subsequent investigation raised concerns about his suitability as CEO.
B. The investigation into 888’s money laundering checks on high rollers further damaged the company’s reputation.
C. The Gambling Commission’s review and the potential loss of license compelled 888 to end talks with FS Gaming and reconsider its CEO selection.
IV. Impact on 888’s Future
A. The appointment of Per Widerström brings a fresh perspective and expertise to 888.
B. Widerström’s experience in governance and compliance will be crucial in ensuring regulatory compliance and rebuilding trust in the company.
C. The completion of the CEO selection process paves the way for 888 to focus on addressing the money laundering checks issue and strengthening its position in the market.
Additional Insights:
While the initial news revolves around 888’s appointment of a new CEO and the challenges faced by shareholder Kenny Alexander, there are several additional insights worth considering. These insights provide a deeper understanding of the situation and its potential implications.
1. Regulatory Compliance and Rebuilding Trust
– 888’s decision to prioritize governance and compliance highlights the company’s commitment to regaining trust and avoiding further regulatory issues.
– Widerström’s experience in this area suggests a strong focus on meeting regulatory requirements and implementing robust measures against money laundering.
2. Impact on Shareholder Relations
– The fallout between Kenny Alexander and 888 may strain shareholder relations, especially if FS Gaming feels disheartened by the failed attempt to appoint Alexander as CEO.
– 888 will need to address these concerns and ensure open communication with shareholders to maintain their support.
3. Opportunities for Growth and Expansion
– With the CEO appointment finalized, 888 can shift its focus to capitalizing on potential growth opportunities and expanding its market reach.
– Exploring new markets, diversifying its product offerings, and leveraging technological advancements could be key areas of focus.
Conclusion:
888’s appointment of Per Widerström as CEO marks an important turning point for the company. The decision to choose Widerström over former candidate Kenny Alexander reflects 888’s commitment to regulatory compliance and rebuilding trust. As the company moves forward under new leadership, its ability to overcome past controversies and capitalize on growth opportunities will determine its future success.
Summary:
In a surprising twist, 888 has selected Per Widerström as its new CEO, dashing shareholder Kenny Alexander’s hopes of taking on the role. The decision comes after 888 faced an investigation into money laundering checks and the potential loss of its license. Widerström’s appointment signals a renewed focus on governance and compliance for the company. Moving forward, 888 will need to address shareholder concerns, capitalize on growth opportunities, and rebuild trust in the market. Overall, the appointment of Widerström marks a decisive step toward a brighter future for 888.
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888 shoots former CEO candidate Alexander as he picks Widerström as new boss
Betting giant 888 apparently hit shareholder Kenny Alexander and the investment group that wanted to make him CEO today as it finally ended its six-month search for a new boss.
The William Hill owner chose Per Widerström, who until last year was chief executive of Eastern European gambling group Fortuna, to fill the void left by Itai Pazner. Pazner resigned in the wake of an investigation into how 888 conducted money laundering checks on high rollers from the Middle East.
As 888 searched for a new boss, investment group FS Gaming created a stake in the business. FS Gaming is run by a group of former Entain executives, including former boss Kenny Alexander, whom they hoped to replace Pazner. Alexander was ousted from Entain, then known as GVC, amid an HMRC investigation into a Turkish company with which Alexander reportedly still had links.
888 said it has finished talks with FS Gaming on its proposed corporate leadership shakeup (John Stillwell/PA)
/ PA cableHowever, those plans fell apart when the Gambling Commission launched a review of the group and left 888 with the conclusion that it would lose its license if Alexander was named. 888 said it ended talks with FS on the chief executive position due to the watchdog review.
In announcing Widerström as the new boss, 888 CEO Lord Mendelsohn appeared to take a snapshot of Alexander’s past controversies, highlighting Widerström’s cleaner record.
“Per not only understands the power and exciting potential of the business, but the board is also very pleased with his strong track record and reputation in governance and compliance,” he said.
Reach blames Facebook for falling visits and earnings
Reach, publisher of the Daily Mirror and Express, blamed the drop in revenue and profit on Facebook’s “deprioritization of news content” as online page views fell in the first half of the year.
Page views across the Reach portfolio fell 16% to 1.4 billion, with Reach CEO Jim Mullen saying most of the drop was due to Facebook’s changes. The social media giant’s relationship with news publishers has been strained of late, as it threatened to pull all news content in Canada, while new Twitter rival Threads, owned by Facebook parent Meta, has opted not to promote “hard news and politics.”
On the print side, circulation revenue was down 2%, but ad revenue was down more than 20%. (Jonathan Brady/PA)
/ PA fileGiven the drop in page views, Reach is looking for revenue streams “less dependent on direct customer volumes” such as affiliate marketing and paid newsletter launches.
On the print side, circulation revenue was down 2%, but ad revenue was down more than 20%.
Reach is also continuing to look at AI, after announcing earlier this year that bots were already writing some of its articles.
Compass revenue increases by more than a fifth as sports crowds and staff dining rooms continue to fill up
Compass, the court-to-canteen caterer, reported a revenue increase of more than a fifth in the third quarter of its fiscal year as it continues to benefit from workers returning to offices and crowds to sporting events.
The FTSE 100 multinational, which feeds spectators at the Wimbledon tennis championships and serves 5.5 billion meals a year across 55,000 sites, said organic revenue growth so far this year was 21%.
Canteen food has been a feature used by employers to tempt people back into the office after the end of the Covid lockdowns. Previously noting an increase in restaurant supply for “first-time outsourced” staff, Compass said today that “outsourcing trends remain strong and are contributing to an exciting pipeline of new business opportunities across all of our regions.”
Growth was led by a 25% increase in revenue from the “Rest of World” region, with Europe up 24% and North America up 20% on an organic basis. It stood by its 2023 revenue guidance, which predicts a 30% increase in operating profit.
He said rising input prices were still a factor: “While inflation remains elevated, we are making margin gains by mitigating cost pressures, pricing appropriately and benefiting from operating leverage.”
Compass’s net income has approached £26bn by 2022. It will report in US dollars from October this year, most of its business has now been reduced in North America, but it told The Standard when announcing the change it has there are no plans to move its stock listing to New York.
Asian stocks jump, Dow on longest run since 2017
Hong Kong’s Hang Seng Index has risen 3.5% after China promised new policy measures in support of the country’s faltering economy.
Country-focused and real estate stocks led the gains as a China Politburo meeting focused on “new difficulties and challenges” facing the economy.
The Shanghai Composite was also up 2%, but pressure on Tokyo-listed tech stocks kept the Nikkei 225 slightly lower. Brent crude futures also traded above $83 a barrel this morning on hopes of stronger demand from China.
The FTSE 100 index is expected to open close to its opening mark, having risen 15 points to 7678 yesterday.
It comes after another positive session on Wall Street, as the Dow Jones Industrial Average rose for an 11th straight day, marking its best performance since early 2017.
The Dow Jones’ gain of 0.5% outpaced gains in the S&P 500 Index and the Nasdaq Composite as sentiment continues to be supported by strong corporate earnings updates.
Attention now turns to tomorrow’s Federal Reserve rate announcement, when policymakers can say there is no guarantee that the last 0.25% hike will be the last of the cycle.
Summary: the most outstanding news of yesterday
Good day. Here’s a roundup of our top headlines from yesterday:
Today we expect business results and updates from:
- Unilever
- Reach
- unite students
- wise group
- compass group
- games workshop
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