Pazner appointed new 888 CEO as Frieberger stands down
Operator 888 Holdings has announced Itai Frieberger is standing down as CEO and has been replaced by Itai Pazner, previously the group’s COO.
After more than 14 years with the operator, Frieberger departs the CEO role; he will, however, remain with the company as a director for a period of up to 12 months.
In the last year, 888’s stock price has faced a steady decline. On 21 May, share value was £3.24 ($4.22), its highest point in the last 12 months, and dropped to £2.24 by 26 September.
After a quick fall to £1.90 on 27 September, the price fluctuated around the £1.70 mark at the end of 2018 and closed yesterday at £1.68.
Frieberger said: "Being CEO of 888 and working with our team of highly skilled and committed colleagues has been a tremendous honour.
"This has not been an easy decision to make, however I feel that - after eight exciting and rewarding years as a senior executive in a dynamic global business - this is the right time for me to step back from the day-to-day running of 888."
A mid-December pre-close trading update from 888 said the operator was confident of meeting its adjusted EBITDA target for 2018 but did not provide specific figures.
In the half-year report it released in September, 888 was only able to report a 1% increase in group revenue to $270.1m and a 2% increase in B2C revenue to $246.7m.
Brian Mattingley, Non-Executive Chairman of 888, said: "Itai Frieberger has been instrumental in driving the transformation of 888 into one of the world’s leading online gaming companies.
"The board understands and accepts Frieberger’s decision to step back from the day-to-day running of a global business and, in order to ensure a seamless transition, we are delighted that he will remain on the board over the coming months.
"In Itai Pazner, we have the ideal successor as CEO. Itai is a highly experienced and dynamic operator who has developed a unique understanding of 888 over the past 17 years within the company."
Pazner said: "I am honoured to become the new CEO of 888. 888 has a brilliant team and culture across the business, which is led by a talented and vastly experienced operational management team."