Betting giant 888 finally appointed a new boss after a six-month wait today, but took a swipe at former candidate for the job Kenny Alexander in the process.
The William Hill owner picked Per Widerström, who until last year was CEO of Eastern European gambling group Fortuna, to fill the void left by Itai Pazner. Pazner quit in the wake of an investigation into how 888 performed money laundering checks for Middle Eastern high-rollers.
While 888 hunted for a new boss, investment group FS Gaming built a stake in the business. FS Gaming is led by a group of former Entain executives, including ex-boss Kenny Alexander, who they hoped to see replace Pazner. Alexander was ousted from Entain, which was then known as GVC, amid an HMRC investigation into a Turkish business that Alexander reportedly still had links to.
However, those plans fell apart when the Gambling Commission launched a review into the group, and left 888 with the conclusion it would lose its licence if Alexander was appointed. 888 said it ended talks with FS over the CEO position because of the watchdog’s review.
In announcing Widerström as the new boss, 888 CEO Lord Mendelsohn appeared to take a shot at 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 record and reputation on governance and compliance,” he said.
Widerström said: “It is incredibly exciting to be joining at such a key moment in the Group’s long-term development. 888 has a clear and attractive opportunity ahead of it and I am very much looking forward to getting started and working with the rest of the team to build on the strong progress already made and achieve the group’s full and very exciting potential.”
Investec analyst Roberta Ciccaccia said Widerström was exactly the right type of boss for 888.
She said: “The new CEO seems to fit the profile of what 888 needs at this stage, that is, a strong leader with sector expertise and specifically a track record in regulated, omni-channel businesses. We see this as a positive step, that can hopefully lead to delivering on 888’s plans.”
