(Bloomberg) -- William Hill Plc Chief Executive Officer Philip Bowcock is stepping down after three years in charge, to be replaced by the British bookmaker's head of digital operations, Ulrik Bengtsson.
Bowcock has steered the company through a tumultuous period which included an accelerated shift into digital gaming and a government crackdown on betting terminals that rendered hundreds of its British stores unprofitable.
William Hill said in July it was closing 700 outlets with the loss of around 4,500 jobs.
The company has suffered more than peers from the crackdown on so-called fixed-odds betting terminals. In response it is pushing hard in digital gaming to keep up with rivals such as Flutter Entertainment Plc and Bet365. Bowcock also struck a deal with Eldorado Resorts Inc. to expand into the recently legalized U.S. betting market.
Bengtsson was previously CEO of Swedish gaming company Betsson AB and joined William Hill in 2018.
“The good thing about this move is instead of going through an external search that takes time and could mean uncertainty, they've got a guy on the bench,” said Gavin Kelleher, analyst at stockbroker Goodbody. He said Bengtsson had built Betsson into a strong online business during his five years in charge.
William Hill's Swedish Takeover Comes With Bonus Brexit Base
William Hill acquired Swedish online gaming company Mr Green & Co. last year, a deal that gave it a base in European Union member Malta to help ensure it can keep operating after Brexit.
Bengtsson will take over as CEO on Sept. 30, the company said in a statement on Thursday.
To contact the reporter on this story: Thomas Seal in London at tseal@bloomberg.net
To contact the editors responsible for this story: Thomas Pfeiffer at tpfeiffer3@bloomberg.net, Tara Patel
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