William Hill appoints new CFO and COO

William Hill PLC (the 'Company')

Board Change

William Hill appoints new CFO and COO

2 April 2020

William Hill PLC (LSE: WMH), today announces the appointment of Matt Ashley as William Hill's Chief Financial Officer (CFO) designate. He will join the Company and be appointed as an Executive Director to the William Hill Board on 6 April 2020. 

As announced on 13 January 2020, the Company's current CFO, Ruth Prior, will be leaving the Company to join Element Materials Technology. Ruth will leave William Hill at the conclusion of the Company's AGM on 15 May 2020 and will remain as CFO until that date. Ruth and Matt will work together in the intervening period to ensure a smooth handover.

Matt joins William Hill from National Express (LSE: NEX), an international transport provider, where he gained FTSE 250 CFO experience before leading their North America business as President and CEO. Most recently, Matt held the position of Group Business Development Director. He was a member of the National Express PLC Board for 5 years and has over 20 years of financial experience. He was previously a Director (transport, infrastructure and listed companies) at Deloitte LLP and began his career as an auditor. He is a graduate of Leeds University and a member of the Institute of Chartered Accountants in England and Wales.

William Hill also announces that Stephen Parry will join William Hill's Executive Committee as Chief Operating Officer later this year. Stephen will join from Flutter where he was Integration Director, leading the integration arising from the Flutter/Stars transaction.

CEO Ulrik Bengtsson said: 'These two key appointments reinforce our focus on building a high calibre team. Matt and Stephen bring significant strengths to the Company. Matt has a wealth of international financial and US experience as well as being an experienced CFO of a FTSE 250 Listed company. Stephen comes with a first-class track record of driving digital change, operational focus and customer experience in senior roles at Vodafone and Flutter. I look forward to welcoming them both to William Hill.'

Simon Callander

Company Secretary

2 April 2020

OAM: Additional Regulated Information

William Hill LEI: 213800MDW41W5UZQIX82

Enquiries

Notes and other disclosures

1. Remuneration

Full details of Matt Ashley's remuneration arrangements, which are consistent with the shareholder approved Remuneration Policy, will be set out in the 2020 Directors' Remuneration Report which will be published following the end of the current financial year. Matt's contract of employment will be available on request by email from the Company Secretary from his date of appointment.

The following summarises the agreed remuneration terms for Matt:

· Base salary - £450,000 p.a, (consistent with the salary offered to previous candidate Adrian Marsh; pro-rated in 2020 from appointment)

· Pension contribution rate - 5% of base salary (consistent with Ulrik Bengtsson, and in line with that provided to the general workforce).

· Shareholding Guidelines - 200% of base salary

· Other - share awards forfeited as a result of Matt's resignation from National Express will be compensated on a like for like basis. The first of these awards will vest during April 2020, and Matt has agreed to invest the proceeds in William Hill shares. The replacements for other "in-flight" National Express LTIPs will treat Matt as if he had "good leaver" status from National Express, with the quantum reduced pro-rata and vesting remaining subject to the original National Express performance metrics. Value from these later awards will be delivered in William Hill shares, subject to appropriate holding requirements.

The Remuneration Committee has been considering the impact of Covid-19 on remuneration at William Hill more broadly. It is intended to update all shareholders on these considerations ahead of the AGM, which is due to be held on 15 May 2020. Details of the agreed 2020 incentive arrangements for Ulrik Bengtsson and Matt Ashley will be provided as part of that update.

2. Shareholding information

Matt Ashley does not currently have an interest in any ordinary shares in William Hill PLC. 

3. Regulatory disclosure

This announcement is made pursuant to LR 9.6.11 of the UK Listing Authority's Listing Rules (the UK Listing Rules). The Company confirms that, in respect of Listing Rule 9.6.13R(1), Matt Ashley is currently an Executive Director of National Express Plc. This directorship will cease before he commences his employment with William Hill. There are no further details to be disclosed in respect of Matt Ashley under Listing Rule 9.6.13(R)(2)-(6).

4. Supplementary information

Ruth Prior joined William Hill as CFO in March 2017.

Following Ruth Prior's resignation, she is not entitled to receive any bonus for 2019 or the portion of 2020 for which she is employed by William Hill and all unvested PSP and Deferred Annual Bonus awards lapsed as a result of her resignation. In addition, she will not be entitled to receive any further PSP and Deferred Annual Bonus awards between now and when she leaves William Hill. She will continue to receive her contractual base salary, benefits and pension provision up to the point that she ceases employment with William Hill PLC, at which point full details of her leaving arrangements will be disclosed on the Group's corporate website (www.williamhillplc.com) in line with Section 430(2B) of the Companies Act.

William Hill PLC is one of the world's leading betting and gaming companies, employing c12,000 people. Its origins are in the UK where it was founded in 1934, and where it is listed on the London Stock Exchange. The majority of its £1.6bn annual revenues are still derived from the UK, where it has a national presence of licensed betting offices and one of the leading online betting and gaming services. William Hill's European Online business is headquartered in Gibraltar and Malta, and is licensed online in 10 countries following the acquisition of Mr Green & Co AB in January 2019. In 2012, it established William Hill US with a focus on retail and mobile operations in Nevada and became the largest sports betting business in the US. Following the ruling in May 2018 by the Supreme Court that the federal ban on state sponsored sports betting was unconstitutional, William Hill US has expanded and continues to expand as new states regulate sports betting. It is now operating in nine states: Delaware, Indiana, Iowa, Mississippi, Nevada, New Mexico, New Jersey, Rhode Island and West Virginia in addition to Washington DC. Eldorado Resorts, Inc. currently owns shares representing 20% of the share capital of William Hill US Holdco, Inc., the holding company of William Hill US.