GVC Holdings Plc (LON: GVC) have appointed the current chair of Homeserve PLC (LON: HSV) as its new non-executive chair, amidst struggling business performance and stagnated revenue growth.
John Michael Barry Gibson, has been appointed non-executive chair of the FTSE250 (INDEXFTSE: MCX) listed GVC holdings after working on the board of Homeserve since 2004.
Gibson exceeds Lee Feldman, who is set to depart in February 2020 after chairing GVC for 11 years, and serving on the board for 15 years.
Gibson will join the board as a non-executive director with immediate effect before taking over from Feldman.
GVC noted Gibson’s “extensive experience” within the gambling sector, including as a non-executive director at William Hill PLC (LON: WMH) and senior independent director at bwin.party digital entertainment PLC.
He was also, GVC noted: “group retailing director at BAA PLC, group chief executive of Littlewoods PLC , non-executive chairman of Harding Brothers Holdings Ltd, and non-executive director of both Somerfield PLC and National Express PLC.”
The appointment of Gibson into this role shows an appointment of experience and business understanding. This does look like a promising appointment and one that could steer GVC into the right direction.
GVC Senior Independent Non-Executive Director Stephen Morana 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, and we are delighted that someone of his calibre and experience is joining GVC to help us realise our ambitious plans for future growth.
“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.”
The appointment will also look to restore competitiveness in the industry, following changes from Betfair and Paddy Power changing their brand to Flutter Entertainment (LON: FLTR) back in May in order to unify the brands against big competitors.
Shares in GVC sank 8.05%, trading at 825p per share. 4/11/19 13:03BST.
