Gigi Levy Resignation Not Due to Talks with Ladbrokes, Claims is waiting for a new CEO

It was reported by the press this weekend that’s chief executive, Gigi Levy has resigned his position. It was a surprise, and was fast to give a public statement that his departure has nothing to do with reported ongoing negotiations between 888 and Ladbrokes, the online and land gambling rival group. The stated that Levy did a very good job in the first two quartiles of 2011, and that he had left the company well positioned.

Back in 2007, the first round of talks between the two companies turned out to be a failure, then since December, 888 has been in negotiations with Ladbrokes again about a possible takeover. According to some sources, the negotiations stopped after 888’s shareholders rejected an initial offer of 70p per share. It is also reported that Ladbrokes considered whether to make a higher bid.

It was announced that Levy’s stepping down from the position of an internet executive position has to do with his own interests after five years in the company, where he spend four years as a chief executive. stated that Levy will stay a member of the board of directors, and in the next 6 months he will help the company to find a replacement. The deputy chairman and non-executive director, Brian Mattingley will “work closely with management on all aspects of the business” while waiting for a new CEO, it was added.

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