22nd Mar 2019 13:22
LONDON (Alliance News) - GVC Holdings PLC Chair Lee Feldman intends to leave at or before the company's annual general meeting next year, Sky News reported.
https://news.sky.com/story/ladbrokes-chair-to-leave-amid-investor-fury-at-share-sale-11672506
The move comes a week after the bookmaker Ladbrokes owner offloaded GBP6 million worth of shares. On March 6, Kenneth Alexander, GVC's chief executive officer, and Feldman sold 2.1 million and 900,000 shares in the company, respectively, for a combined total of GBP19.2 million.
Following this transaction, Alexander still has 666,666 shares, representing an 0.1% stake in GVC, while Feldman retains 287,408 shares.
Sky News noted that Feldman's departure is already overdue under revised corporate governance guidelines which effectively oblige the chairs of blue-chip listed companies to leave after nine years.
The news agency said Stephen Morana, GVC's senior independent director, had already briefed leading investors in recent weeks that he would accelerate the process of identifying Feldman's successor.
GVC shares were trading 2.4% lower on Friday at 519.00 pence each.
Related Shares:
GVC.L