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James Henderson was appointed as chief executive officer of William Hill in 2014, after more than 30 years with the company. That’s why it came as a surprise when the board made the decision to oust him after such a short tenure. The reason for why he had to step down unexpectedly is that the company under-performed with him at the helm. The competition in the world of online bookmakers got more intense and William Hill lost its dominant position.
An Immediate Departure for James Henderson
As a result of the surprising decision to sack James Henderson, Chief Financial Officer Philip Bowcock will step up as the new CEO. However, this position is temporary as the company contemplates the possibility of choosing an external candidate. Chairman Gareth Davis stated that Philip is also considered for a permanent Chief Executive Officer role. The search is expected to take at least a year, so Mr. Bowcock will have sufficient time to prove his quality.
The reason for why Henderson was let go is that the bookmaker under-performed and competitors managed to close the gap. The launch of a new web platform and an updated mobile application didn’t help too much and William Hill had to cut profit guidance earlier this year. The stock declined, but with the shares rising by nearly 9%, the results were not as bad as company officials feared.
Higher Taxes Threaten the Entire Industry
William Hill is one of the many online gambling operators fearing the tidal wave of changes. It was heavily hit by the Brexit, which sent its stock down and also faces tighter regulation and higher taxes. Some competitors merged to contend with the largest listed bookmaker in Britain. With Henderson at the helm, the company was unable to consolidate its position at the top and this caused his downfall. The CEO will be well compensated as he will be paid 12 month's notice, but no bonus for the year.
