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magazineJackpotjoy CEO in shock exit
Online bingo and casino operator Jackpotjoy (JPJ) has announced a parting of the ways with chief executive Andy McIver a mere nine months after listing its shares in London.
Jackpotjoy says ‘further operational expertise is needed to maximise future growth prospects through its core business segments’. Seasoned gaming executive Simon Wykes has been drafted in as group managing director.
Wykes looks a canny appointment, having previously been CEO at Gala Leisure and managing director at Gala Coral, where he led the strategic turnaround of the bingo division.
Chairman Neil Goulden will become executive chairman of the £605m business which is best known for its Jackpotjoy, Vera & John and Starspins brands.
While the CEO’s departure soon after switching its listing from Toronto to London is a potential red flag, Jackpotjoy did say that trading strength seen in the first half of its year had continued into the third quarter. Management are ‘confident of meeting the upper end of market expectations’ for 2017.
Investment bank Berenberg comments: ‘A change in CEO at this time in the life of the company may not look optimal. However, we are convinced that this will have no negative impact on Jackpotjoy’s operational focus – quite the opposite, in fact.’
It thinks Jackpotjoy’s ‘dominance’ of the UK digital bingo market will ensure the group is a winner in the event of possible regulatory changes. (JC)
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