Lee Feldman is preparing to announce he is leaving GVC betting group according to UK business news sources.
The departure comes after investors objected to Feldman and Chief Executive Kenneth Alexander selling a combined 3 million company shares, at a low price of 666 pence for a total of £20 million. Feldman made £6 million on the deal.
The share sale was done in early march and is reported to have drawn criticism from GVC investors, The sale caused the firm’s share price to fall to 519 pence and analysts felt it showed a lack of confidence in the firm’s long term plans.
However, GVC said Feldman’s departure is unrelated to March’s share sale and comes because of FTSE guidance that chairmanships last no-longer than nine-years.
Feldman has been a GVC governance advisor since 2004 and was appointed corporate Chairman in 2008.
