William Hill Chariman has no Intention of Stepping Down
William Hill recently was in talks with Amaya in order to have a potential merge that would combine both companies into a multi-nation company. Many of the stakeholders that wanted the merge to go through are pointing the finger at the current chairman Gareth Davis, and so there have been some rumors that he may be stepping down. William Hill has released an official statement that cited the chairman will not be stepping down at this time.
This likely comes as a result of the Times publication that detailed that the company would be seeking a new chairman to start up in the following year. Davis had been faced with a lot of scrutiny by investors, cited the article, and this is pressuring the company to search for a new chairman.
William Hill were clear to outline the professional history of their chairman and why they had no intention of replacing him anytime soon. He is the current lead for the CEO searching process that has gotten pretty far already and has been working side by side with Philip Bowcock in order to determine the key focus points of the business. This was all explained in a written email that was sent to Reuters by a spokesperson on behalf of William Hill.
There has been a lot of strain on some gambling companies in Britain due to a constant tightening of regulations and policies on operations that require businesses to shift and adapt. Beyond that, there is also the problem of younger generations being less interested in gambling that is really starting to take its toll on the industry, but the offset is that there is a higher number of players that are using online casino services rather than land-based casinos.
Many other companies outside of William Hill have started to merge, which might be forcing the company out of the market one step at a time as these increasingly enormous giants take over. Ladbrokes and Coral just had a major merge after selling off many of their betting shops. Paddy Power and Betfair are now teamed up rather than being rivals, shifting their focus on battling for customers over the rest of the market.
It has been well noticed that while still strong, William Hill has been on the decline. Over the course of the past year it has lost over $1 billion in market value and some of its top executives that have resigned from the company. At this rate, it won’t be long until William Hill gets bought off unless they can make a major change that puts them back on top.
Chairman Gareth Davis has had some recent experience with failed merger talks. The company walked away from two other deals in just the past 3 months, one of these deals was going to be a three-way merge with Rank Group PLC and 888 Holdings. With a need for a shift, it’s likely that there will be more opportunities in the near future.