An internal shakeup has left international giant 888 with a new CEO. The company hired Per Widerstrom as its new chief executive, beginning October 16.
Widerstrom arrives with more than 17 years of experience in the digital gaming industry, most recently as chief executive at Central and Eastern European betting business Fortuna Entertainment Group.
888’s former chief executive, Itai Pazner, left in January after four years in which he was subject to internal investigations into failures over anti-money laundering processes for its VIP customers in the Middle East.
Yariv Datna, head of finance, also expects to leave 888 by year’s end.
The U.K. Gambling Commission (UKGC) nixed an idea to hire three top men—Lee Feldman, Kenny Alexander and Stephen Morana as chairman, chief executive and chief financial officer, respectively. All were former Entain board members.
But the UKGC had concerns about the trio’s roles with Entain, amid a four-year investigation over possible breaches of the Bribery Act from its former subsidiary in Turkey.
The stock had already been suffering hefty losses, having also tumbled on the announcement of Pazner’s abrupt departure on the back of steep declines in 2022 amid a slowdown in online gambling as the pandemic eased.
There has also been investor caution over its takeover of William Hill’s European operation, which saw 888 take on significant debt, according to the Evening Standard.
Pazner presided over the £1.95 billion(US$2.43 billion) acquisition of the William Hill business, which included around 1,500 betting shops.
After Widerstrom joins 888, executive chairman Lord Mendelsohn will revert to the position of non-executive chairman, having assumed both roles when Pazner quit.
Mendelsohn said in a statement: “Per has extensive experience in both public and private companies, and a long track record with a proven ability to execute value-creation plans.
“As well as being an energetic and inspiring leader, Per brings nearly two decades of highly relevant industry expertise into the role.”
He 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.”
The UKGC fined Entain £9.4 million in 2022 for social responsibility and money laundering failings.
