WAS LEVY EXIT PRECEDED BY DIFFERENCES WITH 888 FOUNDERS

Written On  4/12/11 By Recentpoker.com staff writer Jennifer Jearu :

CityAM quotes insider sources on friction between management and founders

The resignation this week of 888.com chief exec Gigi Levy was the result of rift which developed between him and the founders and main shareholders of the company, the Israeli Shaked and Ben-Yitzak families, an unnamed source told the London business daily CityAM Monday.

The departure of the high profile executive  announced over the weekend took most industry observers by surprise.

The founding families between them own 61 percent of 888.com's stock, and it is claimed that their relationship with Levy soured over differences of opinion on the future path of the group.

Company spokesmen have denied that the ongoing takeover discussions with the Ladbrokes group player a role in Levy's resignation. It has been alleged that 888 rejected an offer of 70p a share from Ladbrokes, and that the online and land gambling giant is reconsidering its position after five months of negotiations.

888.com investors would have been less than happy at the 2010 results of 888, which posted a steep fall in profits.