UK-listed online gambling operator Jackpotjoy has bid goodbye to CEO Andy McIver following a senior management shakeup.
Jackpotjoy issued a statement on Monday confirming McIver’s exit, saying that the company’s board of directors had determined that “further operational expertise is needed to ensure the company is best placed to maximize future growth prospects through its core business segments.”
Former Gala Coral Group managing director Simon Wykes has been appointed Jackpotjoy’s new group managing director, along with a seat on Jackpotjoy’s board of directors, effective November 1. McIver has agreed to stay on at Jackpotjoy until January 31, 2018 to ensure a smooth transition of responsibility.
Jackpotjoy also announced that current chairman Neil Goulden will be kicked upstairs to an executive chairman role to shepherd the development and execution of the company’s long-term strategy.
Goulden thanked McIver for his service in assisting the company’s transition from the Toronto-listed Intertain Group to the London-listed Jackpotjoy. While McIver’s exit apparently came after his own participation in “several months of careful consideration,” the former CEO – who was appointed CEO in June 2016 – offered no quote of his own in Jackpotjoy’s official announcement.
Goulden hailed Wykes as a “highly experienced executive with an extensive knowledge of the bingo sector” and whose “experience in the digitalization of gaming businesses” will prove “invaluable in achieving synergies across our main business segments.”
This is Jackpotjoy’s second major executive switcheroo in as many months. In September, Jackpotjoy announced David Flynn as the new CEO of its Vera&John online casino division. Flynn was formerly chief commercial officer at online gambling technology provider NYX Gaming Group, and also served as CEO of NYX Interactive prior to its merger with NextGen Gaming.
Jackpotjoy, whose online brands also include Starspins, Botemania, Costa and InterCasino, reported revenue of £75.2m in the three months ending June 30, 18.7% higher than in the same period last year. However, the company still reported a net loss of nearly £4.8m for the quarter due to the legacy costs of Intertain’s acquisition spree a couple years ago, which left the company with liabilities that still stand at over £400m.
In Monday’s announcement, Jackpotjoy reported that the “strong trading” reported in H1 2017 had continued into Q3 and management was “confident” of meeting the “upper end of market expectations for FY17.” Jackpotjoy will report its official Q3 figures on November 14.
