Kenny Alexander, who for 13 years has led GVC Holdings through the uncertain waters of gaming and iGaming, stepped down last week, effective immediately. Alexander’s family lives in Scotland, and he commuted between there and the GVC headquarters in London. He wants to spend more time with his growing family.
“I have given 13 years to GVC and I now want to give some time to my family,” he said.
Alexander will be succeeded by Shay Segev, who has been COO for the past four years.
Alexander took a tiny small-cap company and engineered a deal to take over the Ladbrokes-Coral empire in the UK. He later reached a deal with MGM Resorts to become 50-50 partners in Roar Digital, which has become the online gaming and sports betting arm of the U.S. casino giant. GVC now has a market cap of more than $4 billion and employs more than 25,000 people.
Segev spearheaded the company’s rapidly advancing technology during his time with GVC, but is also very capable of managing non-technology assets that GVC possesses.
Shares in GVC fell 6 percent when the news broke, but analysts were bullish about the change.
“CEO Kenny Alexander is leaving but the remaining top team is well placed to continue GVCs’ excellent execution of its business plan,” said Peel Hunt analyst Ivor Jones. “Perhaps his departure signals that swashbuckling M&A is less likely. But with the U.S. market opportunity continuing to expand, GVC can still achieve positive transformational change.”
Segev’s views on Roar Digital also signaled it would be his priority.
“GVC’s new CEO said its ROAR Digital joint-venture with MGM in the U.S. would be the number one strategic priority for the firm ahead of organic growth in its core European and Australian markets, and ahead of M&A,” said Alun Bowden, Eilers & Krejcik Gaming’s European analyst said in a note to investors.
Segev, previously COO for Playtech, is ready, according to Alexander.
“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 said. “He is an outstanding leader with a clear strategic vision and unrivalled technological expertise.”
