Philip Bowcock named as new CEO at William Hill.
The British gambling company, William Hill, has found a new permanent CEO after a lengthy search of eight months. Philip Bowcock, who took on the role as an interim CEO, has been appointed to the position. Previously hired as the Chief Financial Officer (CFO) in 2015, Bowcock stepped up when the previous CEO, James Henderson, was abruptly dismissed in July 2016 after serving for two years.
Henderson, who was with the company for 31 years, was let go due to his inability to manage the company's digital transformation and shift towards mobile devices. According to a statement from the Supervisory Board, the reasons behind his removal were the lack of success in the digital realm and poor performance in the online business. Bowcock was unanimously appointed by the Supervisory Board.
"I am incredibly proud to lead William Hill, a brand trusted by millions of customers and synonymous with betting." Philip Bowcock, new CEO of William Hill
The need for change was apparent. The website's mobile version, developed under Henderson, proved to be perplexing and filled with flaws. The app suffered from frequent crashes and confusing navigation. Moreover, new regulations in the industry made it easier for frequent players to self-exclude, creating further pressure on the company. As a result, revenue in the fast-growing digital sector stagnated, leading to a profit warning in March 2016. This led to Henderson's termination.
Bowcock's changes so far
Since Bowcock's appointment as interim CEO in July 2016, progress has been made on redesigning the web offerings. Both the casino website and the mobile app have received a revamp with a more streamlined layout. A member of the Supervisory Board, Gareth Davies, spoke highly of Bowcock's leadership:
"Philip Bowcock has been swiftly moving the business forward since his appointment as interim chief executive last July. We've seen significant progress in areas like online, sales, and international business during his time as CEO."
Although Bowcock isn't a magic worker, things are looking up. The previously poorly received mobile site and app have been given a makeover, with reports praising their new user-friendliness. The company's workforce of around 15,000 employees received a little good news as revenues from the online business decreased by 3% in the past year, and profits by a whopping 20%. However, since Bowcock took over, there's been a 29% rise in the value of new accounts during the last quarter of 2016, compared to the previous year. The number of bets placed increased by around 5% year-on-year, following a decline before his takeover.
These numbers suggest that the revamped web offerings are indeed satisfying customer needs. Most notably, new customers are signing up in greater numbers and showing a higher level of engagement over time.
"Our latest results show that William Hill is in a stronger position now, and Philip [Bowcock] has a clear plan to maintain and build on this." Gareth Davies, Board Member of William Hill
Investors showed little concern with the decision to appoint Bowcock as the permanent CEO, with share prices barely reacting. While trading bloomed following the news of Henderson's departure, seeing gains of up to 6%, the announcement of Bowcock's elevation mind only exhibited a minimal increase of less than one point. However, concentrating more on online betting under Bowcock's guidance could prove beneficial in the long term for the British business.
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Source: www.onlinecasinosdeutschland.com
