Gigi Levy Resigns as Head of 888

International gaming giant 888 Holdings plc has made public the departure of its CEO, Gigi Levy. This news comes as a surprise to many, especially given the positive role he has had in steering the company towards economic prosperity since 888's departure from the USA market.

888 Holdings plc has been locked in negotiations with Ladbrokes plc regarding an acquisition or merger. The talks have been going on for quite some time and analysts are weighing the effect of Levy's departure on these discussions.

Moving Forward

While the outcome of the merger discussions remains uncertain, 888 is sitting in positive territory economically. With Gigi Levy looking to take up other interests, the company is in good shape moving forward.

Strong European growth - particularly in the UK market, has allowed 888 to lead from the front as an innovative and dynamic gaming operator. While the provisions of the UIGEA (Unlawful Internet Gambling Enforcement Act) have crippled many budding and established online gaming operators, 888 continues to flourish.

Gigi's decision to end his tenure as CEO doesn't mean that his relationship with the company is over. On the contrary, Levy will continue to dedicate his time to 888. For the next 6 months he'll assist in the transition to a newly elected CEO and he'll remain on the Board of the company afterwards.

The considerations concerning 888s earn out schedule of Wink Bingo had a considerable impact on his decision to step down as CEO. The terms of the agreement state that Wink Bingo might request that 888 may have to sell the Wink Bingo business to pay for its outstanding debts.

New Appointment Pending

Levy's successor will be decided by the Nominations Committee. A senior independent director, Brian Mattingley, will work with management, until a new CEO is appointed. As news of Gigi Levy's departure spread, the 888 Holdings share price opened marginally lower by 3.26% on the LSE to 44.50 pence p/share.