After months of speculation, William Hill has confirmed it has appointed Philip Bowcock as the permanent chief executive.
The UK-based bookmaker belatedly announced on Friday it was formally appointing Bowcock, who has been the interim CEO for nine months since James Henderson abruptly resigned. Henderson stepped down just two years after he had taken over from Ralph Topping.
It has been speculated Bowcock would be chosen for the role for quite some time, and it was expected to be announced when the company released its 2016 financial results last month.
Given the results, including a significant decline in online operating profit – overall profits for the online division were down by one-fifth to £100.5m – the company may have waited to avoid unfairly connecting the official beginning of Bowcock’s tenure to the disappointing results.
“I am proud to be chosen to lead William Hill, a business that millions of customers trust and a brand that is synonymous with betting,” Bowcock said in a statement posted to the William Hill website.
“During my time at the helm, I have had the opportunity to lead a passionate, talented and committed team and we have made considerable operational progress in recent months.
“The team and I are excited by the opportunity to keep improving our position in all our key markets whilst delivering a great experience for our customers.”
William Hill chairman Gareth Davis has praised Bowcock stating he has “driven the business forward at real pace and we have seen important progress across our online, retail and international businesses over that time.”
While the company has had a tough year, Davis has claimed the company was back on track and in “a strong position”.
He also added “Philip has outlined a clear plan to continue that momentum into the future.”
Davis has revealed he will resign before the 2018 General Annual Meeting, which means another search will take place to fulfil his position.
Bowcock landed the position of chief financial officer at William Hill in November 2015 after serving as a finance director for four years at leading European cinema operator Cineworld Group.
As a result of the promotion, Bowcock’s annual pay packet will increase from £550,000 to £600,000.
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