When 888 Holdings takes over William Hill's operations after the purchase is finalized, current William Hill CEO Ulrik Bengtsson will leave his post, three years after he began serving in the role.
Bengtsson led the company since 2017, and he helped steer the company toward a purchase by Caesars Entertainment last year for £2.9 billion. After that sale, he stayed in the CEO role, during which time Caesars announced intentions to sell off its non-US business, as it wants to focus on growing the North American market. This led to the sale of William Hill to 888, who's paying £1.95 billion.
Before joining William Hill, Bengtsson worked at Betsson, eventually becoming that company's CEO after the company's former leader Magnus Silfverberg left in 2016.
Regarding the choice Bengtsson said, "With the on-sale to 888 Holdings due to be completed later next week, the time is right for me to say goodbye to William Hill and to hand over to Itai Pazner, CEO of 888 Holdings.
"I look back over the last four years with pride at what we've achieved, which has brought us to this point where 888 Holdings see the massive benefit of acquiring William Hill and the opportunities it will open up for both businesses.
"I joined William Hill in April 2018 as chief digital officer and started the journey to diversify William Hill internationally. With the acquisition of Mr Green in early 2019, we created William Hill International and later that year, I was proud to take on the CEO role and lead the business to the great place it is today.
"888 Holdings have acquired a brilliant business with two premium brands in William Hill and Mr Green, and I look forward to seeing how the combined business grows over the coming years."
The 888 purchase will finalize on July 1st.
I'm sure it's not an easy decision but when takeovers like this happen, most of the time higher ups leave their positions.
Yeah, I have to believe he's getting a golden parachute though. Hard to feel bad for the fella.
Definitely. And I'm sure he has positions lined up already for probably similar title and pay as that's very common in the gaming industry.