Ulrik Bengtsson has called time on an over four year journey at William Hill after the CEO announced his departure from the group ahead of completion of its sale to 888.
This comes after the latter last week detailed an expectation to finalise the deal on July 1, 2022, after shareholders gave the transaction the green-light during May.
In September 2021, 888 entered into a £2.2bn deal with Caesars to buy the non-US business of William Hill, however, a revised value of between £1.95bn and £2.05bn, a potential £250m drop, was agreed in April due to tough economic conditions, as well as ongoing regulatory and compliance developments.
Announcing his departure, Bengtsson noted that he felt that “the time is right” to leave the firm and hand over the reins to Itai Pazner, 888 CEO.
“I look back over the last four years with pride at what we’ve achieved, which has brought us to this point where 888 Holdings see the massive benefit of acquiring William Hill and the opportunities it will open up for both businesses,” he said.
“I joined William Hill in April 2018 as Chief Digital Officer and started the journey to diversify William Hill internationally. With the acquisition of Mr Green in early 2019, we created William Hill International and later that year, I was proud to take on the CEO role and lead the business to the great place it is today.
“888 Holdings have acquired a brilliant business with two premium brands in William Hill and Mr Green, and I look forward to seeing how the combined business grows over the coming years.”
Ahead of concluding the deal at the end of this week, Pazner added: “Ulrik can rightly be very proud of building such a strong team, and as we look forward to combining the businesses.
“I am excited about the opportunities for the enlarged business, supported by top-quality management talent from both businesses.”