Itai Pazner suggests 888 can be a top three global operator as he departs firm
Israeli remains bullish on FTSE 250 company’s future as curtain comes down on his 22-year spell with ignominious exit
Itai Pazner has said 888 is in position to become a top three global operator, as the Israeli spoke out for the first time since his departure from the London-listed firm.
Pazner departed 888 this week, with immediate effect, as the operator continues to battle against the darkening macroeconomic environment, the debt arising from the William Hill International acquisition and compliance issues in the Middle East.
888 confirmed its suspension of VIP activities in the Middle East pending a high-level internal investigation into its compliance practices in the region.
News of the internal probe and Pazner falling on his sword spooked investors as the share price crashed 27% yesterday, 30 January. 888’s shares are trading down almost 4% to 72p at the time of writing.
Posting on LinkedIn, Pazner reflected on his time with the operator.
He said: “It has been a great honour to have worked with 888 for almost 22 years. Since I joined the company in 2001, I progressed through the ranks to be COO for two years and have spent the last four years as CEO. I am extremely proud to have played a significant part in making 888 the amazing company it is today.”
Pazner went on to detail his proudest achievements during his time with the 25-year-old firm.
He continued: “The main achievement that stands out for me is my role in creating 888casino into a leading online casino brand globally. Working with a great team of colleagues, we built 888 into a top tier player in sportsbook, and 888poker to be one of the leading poker networks globally.”
Reflecting on the £1.95bn acquisition of William Hill International, Pazner was bullish in his hopes for the future.
He said: “Particular milestones during this time include completing the transformational deal to acquire and integrate William Hill’s international assets from Caesars Entertainment, a strategic deal that positions the company for the future as a top three global operator.
“I was fortunate to have had the most amazing career with 888 and am honoured to have had the opportunity to work with some extraordinarily talented people.
“I want to thank every one of these colleagues and wish them and the company the best of luck as we take our separate steps in the next part of life’s exciting journey,” Pazner concluded.