(Adds details on chairman departure, background)
Nov 4 (Reuters) - Ladbrokes owner GVC on Monday appointed former William Hill director J M Barry Gibson as its non-executive chairman to replace Lee Feldman who has held the role for 11 years.
The appointment brings an end to a seven-month search for a replacement for Feldman, who along with Chief Executive Kenneth Alexander sold around 3 million of GVC shares last March, knocking them down by around 16%. Since then, GVC shares have risen more than 50% following profit forecast upgrades.
Feldman’s departure also follows the Financial Reporting Council’s revised corporate code implemented in January, requiring public companies to explain if a board chair has remain unchanged for more than nine years.
Gibson, who was also a senior independent director at Bwin.party Digital Entertainment, will move to GVC in February 2020 from Homeserve where he has held the same role.
It has been a volatile year for GVC which was fined 5.9 million pounds ($7.63 million) in July after the gambling regulator found its Ladbrokes unit had failed to implement safeguards against gambling addiction and sustained losses.
$1 = 0.7733 pounds Reporting by Tanishaa Nadkar in Bengaluru Editing by Tomasz Janowski