market

Chairman of bookmaker GVC is stepping down amid investor fury after he sold £6m stake


Chairman of bookmaker GVC is stepping down amid investor fury after he sold £6m stake

The chairman of bookmaker GVC is stepping down amid investor fury after he sold a £6m stake.

Lee Feldman will have left in time for the company’s annual meeting next year, insiders said.

Under cover: GVC owns Ladbrokes and Foxy Bingo – whose adverts have featured American actress Heather Graham since March 2017

Under cover: GVC owns Ladbrokes and Foxy Bingo – whose adverts have featured American actress Heather Graham since March 2017

GVC owns Ladbrokes and Foxy Bingo – whose adverts have featured American actress Heather Graham since March 2017.

Feldman, 51, stunned the market this month by flogging £6m of shares on the same day that chief executive Kenny Alexander offloaded stock worth £13.7m.

Quitting: GVC chairman Lee Feldman

Quitting: GVC chairman Lee Feldman

The double whammy sent shares down 14 per cent in the worst one-day drop for GVC in nine years.

Boardroom pay has also raised eyebrows at GVC, with Feldman getting £16.2m in the past two years and Alexander £32.8m.

But sources claimed he is leaving because he has been in charge since 2008, breaching a corporate guideline saying chairmen shouldn’t serve for more than nine years.

The insiders said shareholders were told of Feldman’s likely departure in November last year.



READ SOURCE

Read More   Mortgage rates begin to creep back up after a lull in price rises

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.