888 CEO is Leaving

888 Holdings Chief Executive Gigi Levi has announced his impending exit from the position he currently holds at 888.

888 holdings is one of the biggest online gaming solution provider that has been operating since 1997 with a propriety software development company and a range of online gambling products targeted at the European market.

The company is listed on the London Stock Exchange since 2003 and in 2006 has entered into merger discussions with the UK's betting giant Ladbrokes. The discussions got cut short due to changes in tax laws in the UK and the introduction of the Unlawful Internet Gambling Enforcement Act (UIGEA) in the US.

At the end of 2010 it was reported that the two companies have entered renewed takeover discussions. This marked a positive shift in 888 Holdings' objectives with regards to its existing operation and the outlook to the future.

Yesterday morning 888 Holdings released a statement to the London Stock Exchange announcing the upcoming departure of its current CEO Gigi Levi after nearly five years leading the company.

The statement clarified that Levi and 888 are not parting ways and that the CEO would "commit up to 50% of his time for the next six months" to help the company during the transitional period.

The board has also reported that it asked its senior independent director Brian Mattingley to "work closely with management on all aspects of the business" and oversee the transition period.

888 Holdings Chairman Richard Kilsby stated that “After a difficult first half of 2010, the company has experienced three consecutive quarters of growth. Following very strong trading in Q1 2011, which has continued into Q2, Gigi has decided to step down, leaving the company well positioned for the future.