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14 April 2011
Bingo News: 888 Holdings CEO steps down
Gigi Levy of 888 Holdings Plc has stepped down as Chief Executive to pursue other interests though the company has had to keep a board position for him to avoid a £48m demand from Wink Bingo's vendors.
Mr Levy's resignation has raised speculation over 888 Holding's £240 million take over talks with Ladbrokes. Mr Levy has had a number of disputes with the company's main shareholders the Shaked and Ben Yitzhak families who own around 60pc of the overall shares. Mr Levy has dismissed any problems with the deal stating that “negotiations take time.”
888 Holdings has said that they will keep him on for the next 6 months to help them with the acquisition of a new CEO. His position is very important as it will prevent the payment to the vendors of Wink Bingo who have performed significantly better than expected, and have had to have their earn out arrangement changed to reflect this.
888 Holdings previously said that they would have to pay a maximum of £59.7 million if Gigi Levy left the board as Wink may have asked 888 to begin the sale of the Wink Bingo business to assist repayment of the debt or they would otherwise have to find £48 million.