Playtech chair Mattingley to step down

The chairman of Playtech, the London-listed playing know-how group, is to step down, triggering a seek for a successor with a style for stringent company governance challenges.

Sky Information has learnt that Playtech will announce this week that Brian Mattingley, who has held the position since 2021, is to retire from its board this 12 months.

Egon Zehnder Worldwide, the boardroom headhunter, is being appointed to deal with the seek for Mr Mattingley’s successor, in accordance with a supply near the scenario.

Cash newest: Your boss might be spying on you at residence

At Playtech, he has overseen a frenetic interval of company exercise whereas additionally discovering himself within the eye of a collection of storms with shareholders over boardroom pay and wider company governance.

The latest of these got here in December when near a 3rd of traders rebelled over a €100m bonus plan for Mor Weizer, the corporate’s chief govt, together with different senior executives.

Shareholders give Mr Mattingley credit score, nonetheless, for serving to to navigate the corporate via a difficult interval within the playing trade, particularly his position final 12 months in securing the sale of Snaitech, its Italian shopper playing arm, for €2.3bn.

That represented a virtually threefold return on Playtech’s preliminary funding within the enterprise, triggering whole returns to shareholders of as much as €1.8bn – a sum nearly equal to all the particular dividends paid by London-listed firms in 2023.

The sale of Snaitech will remodel Playtech right into a pure-play business-to-business operation.

Throughout Mr Mattingley’s three-and-a-half 12 months tenure, shares within the firm have risen by about 60%.

A Playtech spokesperson declined to touch upon Tuesday.