888 Holdings Chief Executive Officer Itai Pazner will step down immediately, the British bookmaker said on Monday, adding that it will suspend VIP activities in the Middle East pending an internal investigation.
Non-Executive Chair Jonathan Mendelsohn will take over as executive chair on an interim basis while the board searches for a new CEO. 888 did not give a reason for Pazner's departure.
The bookmaker also said that some anti-money laundering and Know Your Client processes were not followed for its VIP customers in the Middle East region. The company estimates that the suspension of such activities will hit the group's overall revenue by at least 3%.a 3% drop in 2022 full year revenue as tightened online player safety measures in the UK and the closure of its Dutch operations reduced revenue in its online business by 15%.
The company's chief financial officer Yariv Dafna, who was expected to leave after the publication of annual results in late March, will now stay until the end of the year, 888 said. Reporting by Radhika Anilkumar in Bengaluru; Editing by Uttaresh.V and Sherry Jacob-Phillips, Kirsten Donovan
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