Online gambling company 888 has revealed that Chief Executive Officer Itai Pazner will step down from his role with immediate effect.
The company told investors that Non-Executive Chair Jonathan Mendelsohn will take over as executive chair on an interim basis while the 888 board begins the search for a new CEO.
The news of the change in leadership comes shortly after 888 announced its intention to reduce its global workforce beginning with dozens of layoffs in its Israel offices.
The company also revealed that it intended to suspend some VIP activities in specific markets in the Middle East ahead of an internal investigation. It’s believed that some procedures were not followed correctly with regards to anti-money laundering (AML) protocols. 888 estimated that group revenue impact will be less than 3% if suspensions stay in place.
The company announced earlier this month that its CFO, Yariv Dafna, will resign after the publication of its full-year results in late March. However, in its latest update to investors, 888 has stated that Dafna has now agreed to remain in his position until the end of 2023.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.