Jackpotjoy shares rise after board reshuffle and CEO resignation

 
Alys Key
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Paddy McGuinness is the company's new ambassador (Source: Jackpotjoy)

Shares in online gambling company Jackpotjoy are up more than one per cent this morning after the company announced a series of moves at the top of its management team, including the resignation of its chief executive.

CEO Andy McIver plans to leave his role after a year in the post, staying on until January next year to ensure a smooth transition. McIver led the group through its London IPO last October.

The board said it had decided, "in consultation and agreement with Andy" that "further operational expertise is needed to ensure the company is best placed to maximise future growth prospects through its core business segments".

The group also announced that chairman Neil Goulden will become executive chairman, while former Gala Leisure CEO Simon Wykes is to come on board as group managing director.

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Goulden said: "Simon is a highly-experienced executive with an extensive knowledge of the bingo sector and considerable expertise in managing high-volume consumer businesses. His experience in the digitalisation of gaming businesses will be invaluable in achieving synergies across our main business segments and to drive the future growth of the group."

Analysts at Canaccord Genuity welcomed the change in management structure, and were also encouraged by management's statement this morning which indicated full-year results will be at the upper end of market expectations.

"This looks like a sensible move to drive operational improvement across a group with a significantly devolved business structure, while ensuring a steady transition within the senior management team," said analysts. "The group now has significant management experience in the bingo market, which they can use to continue to drive JPJ's market leadership positions."

Upcoming marketing efforts from the group will see new adverts launched featuring Paddy McGuinness.

Read more: Jackpotjoy projects cash return for shareholders

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