888 Poker Blow As CEO Steps Down

Chief executive of 888, Gigi Levy, is to leave his role the company said in a statement this morning. He will remain on the board of the online gaming company and will be available for six months to help with bedding in the new CEO.

The company said of the shock move, “After a difficult first half of 2010, the Company has experienced 3 consecutive quarters of growth. Following very strong trading in Q1 2011, which has continued into Q2, Gigi has decided to step down, leaving the company well positioned for the future.”

However analysts Daniel Stewart & Co pointed out in a note this morning that, “Speculation ascribes his departure to a possible failed bid talks with LAD [Ladbrokes]. The departure comes as a surprise and Gigi in our view would be the front man to broker a deal with a prospective buyer, although any prospective buyer will be well aware of the cash issues the business faces and would therefore require a knock down price for 888 in our view.”

888.com’s poker revenue has tumbled in recent times and the analyst went on to reiterate its sell recommendation and 37p price target.

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