EXECUTIVE MOVES AND A TRADING UPDATE FROM PLAYTECH
10th January, 2017 at 09:18:29
Online gambling group appoints new financial division CEO.
Online gambling and financial services group Playtech plc announced Tuesday that chief financial officer Ron Hoffman is to move up to the CEO position in the group's financial products division and will accordingly step down from the main board of directors.
Hoffman joined Playtech in 2004 as one of its earliest recruits, and has played a key role in Playtech's corporate development ever since, a press statement from the company advised.
Key milestones in which he has played a critical role include the company's listing on AIM in 2006 and the transition to the Main Market in 2012 as well as all of Playtech's significant M&A transactions. He has been instrumental in the growth of the business through its operations, financial planning and reporting with his track record, experience and expertise key factors in the board coming to the view that he is uniquely positioned to grow Playtech's Financials division, creating value for the benefit of all shareholders.
Andrew Smith, currently head of investor relations, succeeds Hoffman as Playtech's CFO and will join the board as an executive director with immediate effect. The move will provide a greater depth of management resource and focus on Playtech's Financials division following the acquisitions of Markets Limited and Consolidated Financial Holdings A/S, the statement adds.
Smith brings a wealth of financial, capital markets and M&A experience to the board and has been integral to Playtech's operational and strategic progress since joining the business in early 2015. Having qualified as a solicitor with Ashurst in 2001, he moved into investment banking, first with ABN AMRO and then with Deutsche Bank, specialising in both the Technology and Leisure sectors.
The statement announces that James Newman will be joining the company to replace Smith as head of investor relations.
Newman is a capital markets communications specialist with over eight years' experience advising listed companies in investor and media relations. He holds a Masters Graduate in Economics and Politics, and joins from Bell Pottinger PR, where he has advised Playtech and other gaming and leisure sector companies for the last three years.
Playtech used the opportunity to deliver a trading update, reporting that both the Gaming and Financials divisions have enjoyed similar trends to those reported at the time of the Investor & Analyst Event on 9 November 2016.
Accordingly, results for the full year to 31 December 2016 are expected to be in line with market expectations and the board remains confident of further growth in 2017 and beyond.
The company additionally revealed that it has agreed an extension to its arrangements with the William Hill
Group until the end of 2019.
Playtech will announce its full year results on Thursday 23 February 2017.
Chairman Alan Jackson commented:
"I am delighted to welcome Andrew as Chief Financial Officer of Playtech whilst at the same time thanking Ron for the skill and dedication he has brought to the role over the past four years.
"Andrew is the natural successor to Ron, having played an increasingly important part in Playtech's financial, operational and strategic performance over the past few years, becoming a key member of Playtech's management team as well as an important contributor at Board level. Andrew's breadth of experience will be invaluable over the coming years and I wish him every success.
"I would also like to take this opportunity, both personally and on behalf of the Board, to acknowledge the contribution Ron makes to Playtech and specifically whilst having acted as both Chief Financial Officer of Playtech and as Chief Executive Officer of Playtech's Financials division. Ron is a tremendous asset to Playtech. He has established a first class finance function, which Andrew will inherit, and I am sure Ron will continue to thrive within the Group for many years to come as he drives the Financials division forwards."
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