The Sunday Times has this weekend reported that Playtech Plc is set to recruit former Sportech Plc Chief Executive Ian Penrose as a non-Executive Director advising the FTSE250 technology group on its US market expansion strategy.
Penrose is considered one of the leading industry figureheads on US sports betting, having led racing systems provider Sportech Plc’s North American corporate transformation during his leadership tenure (2006-2017).
Under the guidance of Penrose, a heavily indebted Sportech would effectively restructure its services and operations focusing growth on delivering US racing and in-stadia wagering systems.
The appointment of Penrose signals Playtech governance’s intent on becoming the leading technology player for the liberalised US gambling market post PASPA.
In its report, The Sunday Times details that ‘internally Penrose has been marked as a likely successor to Playtech Chairman Alan Jackson’.
In recent months Jackson and Playtech leadership have come under fire from investors, for misjudging the opening of the US market, which has seen a number of competitors strike valuable partnerships with US land-based casino operators.
Furthermore, tough 2017 and 2018 trading conditions have seen Playtech continue to suffer from Asian market price declines, with pressure mounting on leadership and governance to find new revenue streams.
Facing mounting obstacles, Playtech has restructured it governance advisory appointing industry corporate financing veteran Susan Ball as a non-executive director.
Industry analysts eagerly await Playtech Plc’s upcoming interim results to be announced this Thursday, with the FTSE enterprise expected to confirm the appointment of Penrose as a corporate director alongside further operational changes, outlining the firm’s recovery