William Hill plays down talk of early Topping exit
UK bookmaker describes reports CEO's departure has been brought forward as "conjecture" although confirms search for a replacement is underway
William Hill has played down UK press reports that chief executive Ralph Topping is set to leave the firm by the end of 2014 with a spokesman saying Topping was “committed” to the business into 2015.
Although a spokesperson for the company told eGaming Review the bookmaker had begun its search for a replacement, it said this was part of “prudent” process of finding a replacement for Topping by the end of 2015.
“Ralph has previously indicated his intention to retire by the end of 2015,” the spokesperson said. “The Board has an ongoing process to identify his successor from among both internal and external candidates.
“The Board prudently instigated this process two years ahead of Ralph’s backstop date to give plenty of time to identify the right candidate, allowing for their potentially lengthy notice period, and to ensure a smooth transition.”
The operator was forced to respond after The Times reported Topping was to stand down before the end of this year with the operator having appointed international search firm Zygos Partnership to help find external candidates to succeed the long-serving Scot.
Topping’s rumoured departure is contrary to reports from last year when chairman Gareth Davies announced that Topping would remain in the role until “at least until the end of 2015″.
“I am delighted he plans to stay longer as I believe he remains uniquely qualified to lead the Group through this ongoing transformational period, particularly to maximise the opportunities in Australia and in digital,” the chairman said at the time.
Topping replaced David Harding as chief executive of William Hill in February 2008 and is widely credited with leading the online revival of the UK gambling giant.
During his time as CEO he oversaw the formation of William Hill Online (WHO), a joint-venture with Playtech, and led the eventual takeover of the WHO business when William Hill acquired Playtech’s 29% stake in WHO for a total consideration of £424m.
News of his early departure follows a 10% year-on-year rise in online revenues for the bookmaker last year after a strong performance from mobile which saw sports wagers on the platform increase 92%.
The Gibraltar-licensed operator’s online business ended 2013 with a 14% year-on-year increase in net revenue during Q4, driven by sportsbook which grew 30% year-on-year after a 38% increase in wagers.