FTSE-listed gambling technology provider Playtech Plc has this morning confirmed that group CFO Ron Hoffman will be transferred to the position of Chief Executive for its financial services division. The transfer will see Hoffman further step down from the board with immediate effect.
Hoffman’s group leadership position will be replaced by current Head of Investor Relations Andrew Smith. Playtech governance detailed that its leadership restructure was needed in order to focus rapid growth for its new financial division following the completed acquisitions of Markets Limited and Consolidated Financial Holdings A/S.
Updating investors, Playtech governance recognised the service of Hoffman to the company’s growth, stating that the CFO had played a key role in Playtech’s effective acquisition strategy and further helping the technology provider list on the London AIM in 2006 and on FTSE index in 2012. Alan Jackson, Chairman of Playtech Plc, commented on Hoffman contribution
“I would also like to take this opportunity, both personally and on behalf of the Board, to acknowledge the contribution Ron makes to Playtech and specifically whilst having acted as both Chief Financial Officer of Playtech and as Chief Executive Officer of Playtech’s Financials division. Ron is a tremendous asset to Playtech. He has established a first class finance function, which Andrew will inherit, and I am sure Ron will continue to thrive within the Group for many years to come as he drives the Financials division forwards.”
Hoffman’s replacement Andrew Smith joined Playtech in 2015 from European bank ABN AMRO, where he specialised in technology and leisure industry financing.
“I am delighted to welcome Andrew as Chief Financial Officer of Playtech whilst at the same time thanking Ron for the skill and dedication he has brought to the role over the past four years.” Alan Jackson added
“Andrew is the natural successor to Ron, having played an increasingly important part in Playtech’s financial, operational and strategic performance over the past few years, becoming a key member of Playtech’s management team as well as an important contributor at Board level. Andrew’s breadth of experience will be invaluable over the coming years and I wish him every success.
Moving forward Playtech investor relations will now be handled by new hire James Newman who joins the firm from communications agency Bell Pottinger, where he served as senior advisor for the gaming and leisure clients (2013-2016).
Playtech will announce its full year results on Thursday 23 February 2017.