PMU elects Xavier Hürstel as CEO
Hürstel promoted from managing director role after standing in for departed Philippe Germond on an interim basis
Pari Mutuel Urbain (PMU) has elected managing director Xavier Hürstel to succeed Philippe Germond as the company’s chairman and chief executive following a meeting of the General Assembly this afternoon.
The appointment, which was made with immediate effect, sees Hürstel retain the duties he had carried out on an interim basis since Germond decided to leave the French operator and join European car rental company Europcar last month.
Hürstel’s appointment comes following recommendations made by two parent companies of French racing, France Galop and LeTrot, with Hürstel having stated his desire to continue with the Paris-based company’s long-term strategy.
“The confidence given by members of the General Assembly will allow me to continue the transformation of the company through the implementation of the plan ‘PMU 2020’ for which along with all employees of the PMU we have invested two years,” Hürstel said.
“I know I can count on all the teams at the PMU to meet the challenges ahead including the transformation and digitalization of the network of outlets, International development and to contribute through our customer service toward the development of the equine industry,” he added.
Hurstel joined PMU as managing director in 2008 with his mandate renewed for a further four years from 2012 by the order of Germond.
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.