William Hill (LON:WMH) said on Thursday that its Chief Executive Officer will step down as it looks to focus on online expansion.
Shares in the company were trading almost 2% lower on Thursday morning.
Philip Bowcock is expected to step down as Chief Executive Officer and as a Director of William Hill at the end of September.
Ulrik Bengtsson, who was previously William Hill’s Chief Digital Officer, will assume full CEO responsibilities from the end of September.
“This change is part of William Hill’s succession planning and consistent with the Group’s strategy of becoming a digitally led and internationally diverse gambling company,” the London-based bookmaker said in a company statement.
“Having overseen the Group’s digital operations for 18 months, he knows the business well and is ideally suited to lead our next phase of growth. Ulrik has deep understanding in digital and has the international and sector experience we need to deliver on our strategy. His appointment will provide continuity, stability and operational digital leadership as we deliver on the strategy we have set,” Roger Devlin, Chairman of the company, commented.
The majority of William Hill’s annual revenues are still derived from Britain. William Hill US was established in 2012, becoming the largest sports betting business across the pond.
William Hill US has expanded since sports betting was legalised across the US last May, following a supreme court ruling.
The bookmaker posted a £64 million loss for the first half of the year as it struggled to cope with the cut down on fixed-odds betting terminals (FOBTs).
Shares in William Hill plc (LON:WMH) were trading at -1.81% on Thursday as of 09:43 BST.
