William Hill's owner appoints 'energetic and inspiring leader' as new chief executive

William Hill's parent company 888 has named "energetic and inspiring leader" Per Widerstrom as its new chief executive following a turbulent period for the betting and gaming operator.

888 has been without a permanent chief executive since the abrupt departure of Itai Pazner in January which followed the suspension of the company's VIP activities in the Middle East over failures in its anti-money laundering (AML) processes.

In recent weeks an unsuccessful attempt by an investment group to install former GVC Holdings boss Kenny Alexander into the position caused further upheaval, with 888 also revealing it was the subject of a licence review by the Gambling Commission. 

Widerstrom, who will take up his new position on October 16, has more than 17 years' experience in the industry and was most recently chief executive of European gambling operator Fortuna Entertainment Group. 

Lord Mendelsohn, who had been executive chair of 888 after Pazner left the company, said the company's board had unanimously agreed that Widerström was the "clear standout candidate".

"Per has extensive experience in both public and private companies, and a long track record with a proven ability to execute value creation plans," Mendelsohn said.

"As well as being an energetic and inspiring leader, Per brings nearly two decades of highly relevant industry expertise into the role."

Mendelsohn, who will return to being 888's non-executive chair, added: "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."

Compliance remains an important issue for 888 as in March William Hill was hit with a record £19.2 million penalty from the Gambling Commission over social responsibility and AML failures that took place before 888 completed its £1.95 billion acquisition of the bookmaker last July.

Widerstrom said he was honoured to take on the role of chief executive.

He added: "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.

"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."

This month 888 revealed it was the subject of a licence review by the Gambling Commission following the purchase of a stake in the company by FS Gaming Investments, the group which includes Alexander.

Other gambling industry figures involved in FS Gaming include Lee Feldman, the former chairman of GVC – now Entain – and Stephen Morana, a former GVC board member and chief financial officer of Betfair.

FS Gaming had pushed the 888 board to appoint Feldman as chair, Alexander as chief executive and Morana as chief financial officer.

However, 888 contacted the Gambling Commission in relation to FS Gaming's stake in the company and was told the industry regulator had concerns regarding an HMRC investigation into GVC's former Turkish operation, "covering the time the individuals proposed to the board by FS Gaming were in senior leadership positions at GVC", and had begun the licence review as a result.

888’s share price finished up by nearly five per cent at 110.40p on Tuesday.

David Brohan, gaming and leisure analyst at stockbrokers Goodbody, said of Widerstrom: "Overall, this looks like a strong appointment for 888 given the wealth of experience he possesses across multiple online gambling companies."

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