William Hill has today announced that chief executive, James Henderson is out after failing to capitalise on the growth of online gambling. Henderson worked his way up from the shop floor to the boardroom, but will now be replaced with immediate effect.
Failures in Online Gambling
Figures show that online and mobile forms of gambling are the future with many now turning to laptops and smartphones instead of visiting the betting shop or the casino. William Hill chairman Gareth Davis is quoted as saying that while Henderson had a significant number of achievements, he has failed to get to grips with the online side, and had failed to capitalise on growth in the industry.
James Henderson leaves will immediate effect and will take twelve months salary with him, although he won’t collect any bonus or performance related shares.
Replacement Already Chosen
Upon making the announcement, the William Hill group stated that finance boss Philip Bowcock would replace Henderson, for now at least, a decision announced after the William Hill board met on Monday. This replacement is only temporary however as William Hill have appointed an international team to find a replacement, a move that could take up to twelve months.
Approval from the Shareholders
Despite a time of uncertainty for the William Hill group the shareholders have roared their approval with shares in the company up 4% since the announcement. It’s now thought that a new CEO will work on improving William Hill’s online presence, and give the brand the boost it needs.
William Hill is a household name in the UK and one of the nation’s biggest bookmakers, but as most brands now know, online presence is everything and we could be seeing some big changes from William Hill’s online brands in the future.