GVC announces successor to non-executive chairman Lee Feldman

Ladbrokes Coral's parent company GVC Holdings has unveiled Barry Gibson as its next non-executive chairman. Gibson will assume the position when the current incumbent Lee Feldman steps down in February after 11 years at the helm.

In a statement on Monday, the firm's 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."

The announcement, which comes at the end of a seven-month search, bookends what has been controversial year for GVC.

In March, Feldman and the firm's chief executive Kenny Alexander angered shareholders after selling £20 million worth of shares despite having previously stated that GVC was "seriously undervalued".

Furthermore, Feldman's departure was somewhat overdue as he was no longer deemed independent under new corporate governance rules having been in the position as chair of a listed company for longer than nine years.

Gibson, previously a non-executive director of William Hill and a senior independent director of bwin, spent the last decade as chairman of home emergency repair company Homeserve, which he helped build into a leading FTSE 250 business.

Gibson said: "I am delighted to be joining GVC at such an exciting point in its growth trajectory.

"I have been involved in a number of companies in the gambling sector over many years, and it is immediately clear to me that GVC has industry-leading technology, products, brands, marketing capabilities and people.

"As such, I see enormous potential for this business and am looking forward very much to helping GVC to be the most successful and responsible operator in the sector."

Commenting on the appointment, an analyst at Goodbody said: "Following an extensive search this morning's announcement should be seen as a further positive for GVC.

"The process of appointing a new chairman has been something of an overhang on the stock. Mr Gibson looks like a very suitable candidate given his extensive experience across the leisure and gaming sector."

GVC's portfolio of brands includes bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds and Sportingbet.

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