by Anton Johan
Following the news that 888 Holdings' Chief Executive Officer, Gigi Levy will be stepping down from his position, there was much speculation regarding the reasons for this decision.
It can safely be said that the announcement took many in the industry by surprise and questions were asked as to whether it sprouted from the potential takeover of the company by Ladbrokes.
However, an unnamed source told the London newspaper, CityAM that Levy's resignation comes as a result of a rift that has developed between Levy and the founders of the company, the Ben Yitzchak and Shaked families.
These two founding families are major shareholders and own 61% of 888 Holdings stock.
According to the source, Levy and these families clashed over the future direction that 888 will be taking.
The 39 year old Levy has been head of the Gibraltar based 888 since 2007.
When he announced his departure, he said he was doing so to "pursue other interests"
He also said that he would be spend half his time assisting in the handing over of the reins to his successor, for which the search has begun.
"After a difficult first half of 2010, the Company has experienced three consecutive quarters of growth," said the chairman of the group, Richard Kilsby. "Following very strong trading in Q1 2011, which has continued to Q2, Gigi has decided to step down, leaving the company well positioned for the future."
Levy will remain on as a member of the Board of Directors, despite stepping down as CEO.
