The leading UK-based bookmaker William Hill made a surprising announcement on Thursday morning, saying that Chief Executive Officer James Henderson is to leave the company. He is stepping down with immediate effect. The sudden departure of Mr. Henderson puts an end to his long career at the company.
At the same time, the company confirmed the profit warnings that were issued less than a week ago and said it is expected for them to meet the expectations of annual operating profit in the range from £260 to £280 million in 2016.
The departure comes at a time when William Hill has been having some difficulties after being somehow isolated in the industry. Lately, the bookmaker has been struggling under the more strict regulation and increased taxes. Mr. Henderson has also been expected to present the half-year results of the bookmaker on August 5th, 2016.
The group has once been the industry leader, but over the last few years it has faced increased rivalry as its competitors gained strength by making partnerships to overcome difficult situation in a difficult business by rule. For example, Paddy Power and Betfair reached a merger agreement in 2015, Bwin.Party has been purchased by the online gambling company GVC Holdings, while Ladbrokes and Gala Coral are to consolidate their forces.
According to William Hill’s official statement, Mr. Henderson who has worked at the bookmaking company for more than thirty years covering the Retail, Online and international businesses is to be replaced by the current Chief Financial Officer Philip Bowcock. The latter is to take over the CEO position temporarily, until the company finds a permanent successor for the job.
The tenure of Mr. Henderson as CEO lasted less than two years, after he took over the job in August 2014. It was marked not only by senior staff reshuffle and investor confidence decline, but also by profit warnings. However, these were not the only problems of William Hill.
The once largest bookmaker on the territory of the UK has also been hurt by the increased number of deals which have been happening in the gambling sector and which have endangered its leading position.
The Chairman of William Hill – Mr. Gareth Davis commented on the departure of James Henderson as CEO and said that the company was thankful for his great contribution. He also revealed that Philip Bowcock had set various priorities as a CEO at an interim basis. His no.1 goal would be to turn the bookie’s online business around.
- Author
Olivia Cole
