888 confirms former Fortuna Entertainment boss as new CEO

888 has confirmed the appointment of former Fortuna Entertainment Group CEO Per Widerström as its new CEO.

Widerström, who will take up the top job on 16 October, replaces Itai Pazner, who left the role with immediate effect in January after 22 years with the London-listed operator.

Widerström joins 888 with extensive senior level experience in the gaming industry, including seven years as the CEO of Czechia-based operator Fortuna Entertainment Group (FEG).

Widerström oversaw growth at FEG between 2014 and 2022, including increasing EBITDA from €25m to €150m by 2020.

Joining the industry in April 2006 as CEO and director of Swedish betting brand Expekt, Widerström has also held senior level positions at PartyGaming, bwin and Gala Coral.

He is also a non-executive director at Catena Media and Casumo where he spent a year as chairman of the board. Widerström will relinquish these roles before joining 888.

Widerström will be paid a fixed annual salary of £676,000 and will be eligible to receive annual bonus and performance share plan awards in line with the company’s remuneration policy.

888’s current interim CEO, Lord Mendelsohn, will return to non-executive chair upon Widerström’s arrival.

Speaking about the appointment of Widerström, Lord Mendelsohn praised Widerström’s experience following the conclusion of an “extensive and comprehensive” search process.

“The board unanimously agreed that Per was the clear standout candidate to lead the group to build on the strong platform for growth and value creation that has been established,” Mendelsohn said.

“Per has extensive experience in both public and private companies, and a long track record with a proven ability to execute value creation plans.  As well as being an energetic and inspiring leader, Per brings nearly two decades of highly relevant industry expertise into the role,” he added.

Mendelsohn continued: “He has a strong and proven track record of driving growth and delivering transformation programmes at multiple leading online gaming businesses, and the board is very pleased to appoint someone with the skillset to deliver our objective to become a much stronger international multi-brand operator, leveraging our technology and data capabilities to drive an acceleration in growth.

“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.”

In January, Mendelsohn suggested the new CEO would be tasked with more ambitious goals, with 888 keen to deliver long term growth both internationally and in the UK following the acquisition of William Hill International.

Addressing his new role incoming 888 CEO Widerström said he was “delighted and honoured” to join the group.

“Following 888’s combination with William Hill, the group has a world-class portfolio of betting and gaming brands, an outstanding technology platform, and an exceptional team. Together these attributes mean it is exceptionally well positioned to become a clear global industry leader,” 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,” he concluded.

888 shares were up 4.8% to 105p in early trading on the London Stock Exchange.

The operator recently broke off talks with investment vehicle FS Gaming Investments about installing ex-GVC (now Entain) bosses to senior roles, including Kenny Alexander as CEO.

The Gambling Commission has begun a review of 888’s licences in light of FS Gaming Investments building a 6.57% position in the business and the proposed appointments when Entain is facing a hefty fine following a HMRC investigation into historical operations in Turkey.