Itai Pazner Exits CEO Role at 888 Holdings
888 Holdings CEO and Executive Director Itai Pazner has stepped down from his role with immediate effect after the company laid off dozens of employees in Israel and other certain markets.
Pazner's exit coincides with the business suspending VIP operations in the Middle East due to failings in AML (Anti-Money Laundering) and KYC (Know Your Client) processes for VIP customers in the region. The company asserted that the impact of the suspensions would be less than 3% of its group revenue.
Pazner's abrupt exit has not been linked to the development in the Middle East. However, due to the timing of the two events, there are indications that compliance concerns in the region may have contributed to Pazner's resignation.
Following his departure, the British bookmaker has appointed Non-Executive Chair Jonathan Mendelsohn as the interim Executive Chair while the board shops for a new CEO.
On behalf of the Board, I would like to thank Itai for his significant contributions to the business over more than 20 years, including the last four as CEO. Itai has played a vital role in building a business with powerful proprietary technology and has overseen successful early stages of the William Hill integration process. We wish him well in his future endeavors.
Earlier this month, the company announced that its CFO, Yariv Dafna, will resign after it publishes its full-year results in late March. However, in its latest update, 888 stated that Dafna would continue in his position till the end of 2023.
Following the latest announcements, 888 Holdings' stocks have dropped 15.99% to 86.70 pence per share.