888 Holdings CEO Levy Steps Down as Gambling Firm Faces Ladbrokes Takeover

888 Holdings Plc (888), the U.K.-listed Internet gambling company that may be bought by Ladbrokes Plc (LAD), said Chief Executive Officer Gigi Levy is stepping down “to pursue other interests.”

Levy, who joined 888 Holdings in 2006 and took over as CEO the following year, will remain on the board, the Gibraltar- based company said in an e-mailed statement today.

“Following very strong trading in the first quarter of 2011, which has continued into the second quarter, Gigi has decided to step down, leaving the company well positioned for the future,” the company said in the statement.

888 Holdings, which supplies services to Caesars Entertainment Corp., has been in talks with Ladbrokes since December on a possible takeover. A previous round of talks between the companies ended in 2007.

Brian Mattingley, deputy chairman and non-executive director at 888, will “work closely with management on all aspects of the business” pending the appointment of a new CEO, according to the statement.

To contact the reporter on this story: Rachel Graham in London at rgraham13@bloomberg.net

To contact the editor responsible for this story: Mike Harrison at mharrison5@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.