Ladbrokes chairman to step down after selling thousands of shares
Ladbrokes's parent company is on the lookout for a new chairman weeks after the incumbent angered investors by selling £6m in shares.
Lee Feldman, who has chaired GVC Holdings since 2008, is close to leaving after new rules limiting the term of chairmen to nine years, the company has confirmed to Morning Wire
Read more: GVC shares plunge as bosses offload majority of their holdings
His upcoming departure, which was first reported by Sky News, comes after Feldman and chief executive Kenneth Alexander sold shares for a combined sum of nearly £20m.
The shares were sold for 666p on 6 March and leaves Alexander with 666,666 shares and Feldman with 287,408.
“Both of us remain fully committed to GVC and, whilst I continue to have the support of our shareholders, I'm here for the long term and at the very least I have a current plan that will take 3 plus years to accomplish,” Alexander said at the time.
The sell-off sent shares down by 14 per cent on 8 March.
Read more: Ladbrokes owner GVC scores on World Cup betting splurge
Today sources told Sky that GVC director Stephen Morana has briefed investors that he will accelerate the process to identify Lee’s successor.
The chairman, Feldman, who is managing partner of private equity firm Twin Lakes Capital, joined GVC in 2004. He was also the chief executive of Aurora Brands after it was bought by Twin Lakes.
A company spokesperson today told Morning Wire that there is a process underway for Feldman's departure in line with corporate governance codes, but no date has yet been set for him to leave.