Kenny Alexander steps down as GVC CEO

Kenny Alexander will step down as the CEO of Roar Digital parent company GVC tomorrow, ending a 13-year tenure at the helm of the European betting and gaming giant.

He will be succeeded by GVC chief operating officer (COO) Shay Segev, who will join the London-listed firm’s board of directors on Friday.

Alexander joined GVC as CEO in 2007 and has overseen its development from a small AIM-listed company to a FTSE 100 global sports betting and gaming business, with more than 25,000 employees in 20 offices across five continents.

The Scot knitted together several key acquisitions during more than a decade in charge, including the £3.9bn ($4.9bn) purchase of UK heavyweight Ladbrokes Coral back in 2018.

He also established the operator’s US JV with MGM Resorts Roar Digital, which both parties have pledged to invest up to $450m into.

Alexander said: “I have given 13 years to GVC and I now want to give some time to my family. I have enjoyed every minute of helping to grow GVC into the business that it is today and am proud of all that has been achieved.

“We have the best people, brands and technology in our sector, and our joint venture in the US with MGM Resorts positions us very strongly for growth in that hugely exciting market.

“I have spent the last four months working from home and reflecting on my future plans, and this feels like the right moment. Whilst it is never easy to hand the baton on, it has been very clear for a number of years now that Shay is the right person to succeed me,” he added.

Segev was appointed GVC COO in March 2016. He joined shortly after GVC had acquired bwin.party digital entertainment plc.

As part of the operator’s CEO succession plan, Segev already has direct responsibility for GVC’s proprietary tech platform, its US JV, all group M&A and its retail business, as well as product, trading and customer service.

Alexander added: “He is an outstanding leader with a clear strategic vision and unrivalled technological expertise. As a shareholder, I know that our company will be in good hands.

“He is also a firm advocate for the strongest possible protection for customers and shares my philosophy that only a responsible company can be a sustainable and successful company.”

Shegev made a real impact in the sector as Playtech COO between 2008 and 2015. He then spent 10 months at Coral as chief strategy officer.

“I am hugely honoured to have been given this opportunity by the Board to lead GVC into the next phase of its development,” said the Israeli. “Kenny has been a fantastic colleague and leader during the four years I have worked with him.

“Thanks to his stewardship, I am succeeding him at a time when the business is in robust financial health with an exceptional team and exciting opportunities ahead of it, especially in the US.”

Segev has promised to make the market his number one priority as chief executive.

Despite stepping down, Alexander will keep a keen eye on GVC’s progress in the States as a major shareholder.

He said: “This is not a one-man show; it never has been that and I won’t be selling any shares for the foreseeable future.

“The US is the biggest catalyst for our share price. If we deliver on it, or even close to it, there is massive upside, so I’ll be holding onto them and I have complete faith that Shay will nail it.

Alexander will also step down from the board when he retires from GVC tomorrow.

GVC chairman Barry Gibson said the Scot had achieved more in the last 13 years than most people manage to accomplish in a lifetime.

“We will miss him, but we also understand his wishes to hand over the reins after such a long and successful stint at the top of the company,” said Gibson.

“On behalf of the board, I would like to sincerely thank him for his significant contribution to GVC.

“The board has kept succession plans under constant review, and has been extremely impressed by Shay’s contribution and leadership.

“We are very fortunate to have such a well-qualified and natural successor,” he added.