PMU chief executive stands down
CEO Philippe Germond leaves after five years at the French operator to join car rental firm Europcar
Pari Mutuel Urbain (PMU) CEO Philippe Germond has left the French operator to join European car rental company Europcar.
As first reported by French financial newspaper Les Echos, Germond leaves after five years at the company while director general Xavier Hurstel is expected to take over on an interim basis until a permanent successor is found.
During his time at PMU, Germond led the company’s move online in 2009 and its diversification into new verticals, such as poker, after receiving its licence from French regulator ARJEL in 2010.
Germond became chief executive of the former French monopoly in May 2009 after joining from French multinational IT company Atos Origin where he was chairman of the management board.
In its most recent financial results PMU recorded a 3% decline in H1 2014 gross gaming revenues to 140.1m despite reporting a 31% increase in online sports betting.
The operator also reported growth of 140% in June with the World Cup helping the PMU.fr attract more than 60,000 new customers with around 10,000 new registrations made on France match days.