Major UK gambling operator GVC Holdings has announced Barry Gibson will take over from Lee Feldman as the company’s Non-executive Chairman.
Gibson is currently Chairman of home emergency repairs business HomeServe, and has previously been a director at William Hill, Bwin, BAA, Littlewoods, Somerfield, National Express, SSP, and Harding Brothers.
Back in March, Feldman ruffled the feathers of investors by selling 900,000 GVC shares (at £6.66 each), while keeping 287,408. CEO Kenny Alexander also offloaded a number of shares at the same time.
New UK corporate governance guidelines for public companies state that a chairmanship should not exceed nine years, and since Feldman has been in his role with GVC since 2008, his stepping down was a necessity. In total, Feldman has been on the GVC board for fifteen years.
GVC have confirmed Feldman will step down on 27th February 2020.
Commenting on the appointment, GVC’s Senior Independent Non-Executive Director, Stephen Morana, 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, and we are delighted that someone of his calibre and experience is joining GVC to help us realise our ambitious plans for future growth.
“On behalf of the Board I would also like to thank Lee Feldman for playing such an instrumental role in GVC’s transformation from a small AIM listed business to a major Main Market, premium listed company. We wish him the very best for the future.”
While Gibson himself added:
“I am delighted to be joining GVC at such an exciting point in its growth trajectory. I have been involved in a number of companies in the gambling sector over many years, and it is immediately clear to me that GVC has industry-leading technology, products, brands, marketing capabilities and people.
“As such, 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.”
