Rift Between Founding Shareholders of 888.com and Gigi Levy Reason for Sudden Exit
Disagreements between founding shareholders of 888.com and its outgoing CEO Gigi Levy were reported to be behind his sudden weekend departure from the betting firm he has headed up since 2007.
“Following very strong trading in the first quarter of 2011, which has continued into the second quarter, Gigi has decided to step down, leaving the company well positioned for the future,” the company said in the statement.
Gigi has said he is “pursuing other interests”.
The disagreement between 888 Holding’s founders – the Israeli Shaked and Ben-Yitzak families – who own 61 per cent of the firm between them, emerged Monday, according to CITY AM.
From CITY AM:
Sources said there had been a souring of the relationship between the shareholders and Levy. The two sides are believed to have shared a difference in opinion over the future direction of the business.
888 is said to be in talks with Ladbrokes about a possible takeover, but discussions have gone on for several months. The firm denied Levy’s departure had anything to do with the progress of the Ladbrokes dealings.
Aaron Goldstein, Gambling911.com
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