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Playtech, the gambling software developer, will this week end one of the longest boardroom searches in recent corporate history when it announces that it has raided a rival industry player for its new chairman.
Sky News has learnt that Playtech will announce that Brian Mattingley has agreed to become the long-term successor to Alan Jackson, who said he was stepping down almost two years ago.
- 'This is the next step for Playtech in the US and we are delighted to work with the Greenwood companies to capture this exciting long-term opportunity.' As of 0850 GMT, Playtech shares were up 2.
- Itai Avneri brings over 20 years of executive management experience into his new role as COO. His commercial work spans a variety of technology companies, including Playtech Group-CMO and CEO of the Israel office, COO of anyoption and CEO of invest.com in Israel, where he spearheaded the shift to cryptocurrency.
Mr Mattingley will join from 888 Holdings, the online gambling group, where he has spent 15 years on the board.
As of 0820 GMT, Playtech shares were up 1.78% at 497.50p, while 888 shares were 1.99% higher at 308.0p. The value of investments can go down in value as well as up, so you could get back less than.
The recruitment of an experienced industry figure is likely to please Playtech shareholders, ten months after Claire Milne was installed in the role on an interim basis.
People close to Playtech pointed out that the search for a permanent chair had been paused because of the COVID-19 pandemic, with one investor suggesting that Mr Mattingley was 'not an unexpected choice'.
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Playtech's shares have performed strongly over the last year, almost doubling to give the company a market capitalisation of almost £1.5bn.
However, the company has been beset by corporate governance concerns for years and has found itself embroiled in a string of rows over boardroom pay.
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In a recent trading update, it hailed its entry to the key US market alongside ongoing talks to sell its financials division, Finalto, for up to $200m.
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It plans to announce its annual results next week.
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Neither Playtech nor 888 would comment on Tuesday.