William Hill owner 888 has appointed Per Widerström as chief executive, six months after its former boss stepped down amid a money laundering probe at the gambling giant.
Widerström will take the helm from October 16, the company announced, with the news prompting shares to spike just over 4 per cent.
It comes after the bookies former boss Itai Pazner stepped down in January, following an internal money laundering investigation into the firm’s Middle Eastern business.
Following the shock revelation that “certain best practices” regarding anti-money laundering and “know-your-client” regulations were neglected, shares spiralled over 25 per cent.
888 was yet again shrouded in scandal earlier this month after the gambling watchdog launched a review into the bookie’s license to operate in the UK, bashing down shares another 26 per cent.
It led to the end of discussions on a management shake up proposed by shareholder FS Gaming, which holds a 6.6 per cent stake in 888.
Incoming CEO Per Widerström, said: “I am delighted and honoured to become the group’s new CEO. Following 888’s combination with William Hill, the Group has a world-class portfolio of betting and gaming brands, an outstanding technology platform, and an exceptional team.”
Lord Jonathan Mendelsohn, 888’s executive chair, noted Widerström’s strong “record and reputation on governance and compliance.”
He added: “Per brings nearly two decades of highly relevant industry expertise into the role. He has a strong and proven track record of driving growth and delivering transformation programmes at multiple leading online gaming businesses, and the Board is very pleased to appoint someone with the skillset to deliver our objective to become a much stronger international multi-brand operator.”
Prior to joining 888, Widerström worked in the online gaming industry for 17 years, most recently holding the role of CEO at Slovakia-based betting and gaming business Fortuna Entertainment Group.
In July 2022, the 888 completed a major £2bn acquisition of gambling group William Hill, prompting a surge in revenue in its April results this year.