William Hill chief exec to depart as losses hit bookmaker
William Hill’s CEO is set to step down at the end of this month amid turbulent times for the UK’s high street bookmaker.
Philip Bowcock will quit the top job and his role as company director on 30 September to make way for the bookie’s chief digital officer, Ulrik Bengtsson, to take the reins.
Read more: Betting cap and US expansion push William Hill to a loss
The switch at the top follows William Hill falling to a pre-tax loss for the first half of the year as it came under pressure from the government’s new fixed-odds betting cap.
The regulation could force William Hill to close 700 stores, putting 4,500 jobs at risk.
“I have thoroughly enjoyed my time at William Hill. It has been an intense period with the industry and business experiencing significant structural and regulatory change,” Bowcock said.
“After all the work the team has done I believe the business is now well placed to take advantage of the opportunities presented in the US market as well as continued growth in digital.
“Having recruited and worked with Ulrik for the last year and a half, I am confident he will take advantage of the opportunities ahead and we will see William Hill go from strength to strength.”
Chairman Roger Devlin endorsed Bowcock’s “clear strategy” of expanding into the US as the company also pushes on its digital front.
“I am delighted to be taking on the CEO role at such an exciting time for William Hill and look forward to working with the team to deliver our strategy,” Bengtsson, who joined the firm in April 2018, added.
“We have a great opportunity to build William Hill as a digital and international business by driving online growth in the UK and internationally.”
Bengtsson was previously the CEO of Betsson AB, a Stockholm-listed betting company.
Around 70 per cent of William Hill’s gaming machine revenue came from stakes above the new £2 limit and it took a £883m charge at the end of its last financial year to compensate for the loss.
Read more: 4,500 jobs at risk as William Hill closes hundreds of stores
It is now focused on expanding into the US, where courts overturned a federal ban on sports betting recently, though costs have mounted up as William Hill’s US business scales up.
Bowcock will remain with the firm until the end of the year to assist with the transition.