888 Holdings CEO Gigi Levy relinquishes Role
Amid a big loss in profits for 888 Holdings from 2009 to 2010, Gigi Levy has decided to step down from his role as Chief Executive Officer of the company. Levy commented that he wants “to pursue other interests,” and stepping down from 888 is the best way to do this.
Despite relinquishing his role as CEO of 888 Holdings, Levy will still remain with 888 as it looks to transition another CEO into the company. According to BusinessWeek.com, Levy will, “commit up to 50% of his time for the next 6 months to assist in the transition to a new CEO. Gigi will remain on the Board of 888 during that period and thereafter.”
While he stepped down from his role as a seemingly unsuccessful CEO, Levy did guide the company to a successful first quarter in 2011 as indicated by 888 when they sent out this email, “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.”
888 Holdings has a lot going on besides Levy’s decision since they recently formed a partnership with Caesars Entertainment. 888 will provide various services for Caesars as they look to build an online gambling presence in case the US decides to legalize internet gambling. In addition to this, English bookmaker Ladbrokes has been discussing a potential deal to purchase 888 Holdings. The two gambling giants were working on a deal back in 2007 before both sides decided to break off talks and go their separate ways. However, the deal looks closer now than ever.
As far as 888’s earnings go, the company made $246.7 million in 2009 along with $24.8 million in profit after taxes. Unfortunately, their profits took a sharp downturn in 2010 despite an increase in revenue; they earned $262.1 million in revenue, but only $7.86 million of this was profit after taxes.