Monday 4 November 2019 11:45 am

GVC shares fall 10 per cent as new chair appointed

Gambling group GVC said today it had appointed the chairman of Homeserve to chair its business.

Longstanding chairman Lee Feldman, who has been on GVC’s board for 15 years and chaired the company for 11, will step down on 27 February.

He will be succeeded by Barry Gibson who has been appointed as a non-executive of GVC with effect from today.

GCV shares fell more than 10 per cent this morning to 802p.

Read more: GVC lifts earnings forecast as it escapes impact of betting cap

Gibson has been chairman of FTSE 250 home repairs business Homeserve since 2010.

He was previously a non-executive director of gambling businesses William Hill and Bwin.party.

Previous roles include group retail director at BAA, group chief executive at Littlewoods and non-executive director of both Somerfield and National Express. 

Read more: Ladbrokes Coral-owner GVC hit with £5.9m fine over safeguarding failures

Stephen Morana, GVC’s senior independent non-executive director, who led the recruitment process, said: “Our criteria for the new chairman included significant gambling sector experience, a demonstrable track-record of success on a range of high-profile public company boards, and a deep understanding of the evolving corporate governance landscape. After an extensive search, Barry stood out as exceeding all of those criteria.”

Morana added: “On behalf of the board I would also like to thank Lee Feldman for playing such an instrumental role in GVC’s transformation from a small AIM listed business to a major main market, premium listed company. We wish him the very best for the future.”

Gibson said: “I see enormous potential for this business and am looking forward very much to helping GVC to be the most successful and responsible operator in the sector.”

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