Tuesday 17 July 2018

Jackpotjoy bets on new leadership just nine months after stock market floatation

The online betting firm said CEO Andy McIver would step down at the end of January, with a rebooted management team taking charge of its growth strategy.

A generic picture of betting and gambling games
A generic picture of betting and gambling games

By Ben Woods, Press Association Chief City Correspondent

Jackpotjoy has taken a punt on fresh leadership by calling time on its chief executive just nine months after floating on the London Stock Exchange.

The online betting firm said CEO Andy McIver would step down at the end of January, with a rebooted management team taking charge of its growth strategy.

The move will see chairman Neil Goulden become executive chairman, while Simon Wykes will join as group managing director from November 1.

It came as the company updated on its performance, with “strong trading” in the first half of the year carrying through into the third quarter.

It also said it was on track to hit the upper end of its annual targets.

Shares were trading nearly 1% higher in morning trading as markets welcomed the news.

In a stock market announcement, Jackpotjoy said: “The board has decided, after several months of careful consideration and in consultation and agreement with Andy, that further operational expertise is needed to ensure the company is best placed to maximise future growth prospects through its core business segments.”

Mr Wykes joins the group after working as an external consultant on the £2.3 billion Ladbrokes Coral merger.

It follows stints as chief executive of Gala Leisure and managing director of the Gala Coral Group.

He said: “I am thrilled by this new challenge at Jackpotjoy and look forward to bringing my experience from leading digital gaming businesses to the company as well as significant operational experience to market leading brands.”

Jackpotjoy launched its initial public offering (IPO) on January 25 this year and has seen its share price climb nearly 30% since its debut.

The group focuses on markets in the UK and Northern Europe and owns gaming firms such as Costa Bingo, Vera&John and Starspins.

Press Association

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