GVC betting group is looking for a new chair after the sale of its current

The owner of the GVC betting shop has confirmed that he is appointing a new president, several weeks after the current president sold a £ 6 million stake in the company.

On March 8, Lee Feldman, Chairman of GVC since 2008, and Managing Director Kenny Alexander, sold the equivalent of £ 20 million, which resulted in a 20% drop in sales. shares and makes investors fear.

The sale comes shortly after Alexander declared that the company's shares were "significantly undervalued". In a statement, he sought to rebadure shareholders by saying that he and Mr. Feldman "remained fully committed to GVC".

On Friday, Sky News reported that major investors had been informed in recent weeks that Feldman was due to leave the company no later than his annual meeting.

An update of the UK corporate governance code in July recommended that chairmen of publicly traded companies not remain in office for more than nine years, delaying the departure of Mr. Feldman.

A spokesman for GVC said the end of Feldman's presidency "was in prospect for a while before the sale of the shares."

He added that the search process for a new president was "underway and in its infancy".

For its annual results, GVC recorded a pre-tax loss of £ 18.9 million due to tighter regulation in the UK market and an initial investment in the nascent sports betting market. United States.

Since the sale of the company's shares, GVC's shares have dropped another 11%.