Online gambling group 888 Holdings has defended its decision to put non-executive chairman Brian Mattingley up for re election, citing Mattingley’s wealth of experience within the gambling industry as a key factor.
The decision follows on from a meeting with investors in which 21% voted against re-election of Mattingley at the company’s annual meeting in May.
Mattingley’s re-election faced opposition from shareholders due to his long tenure at the company, having previously served on the company board in 2005. He has since served as CEO, non-executive director, executive chairman and non-executive chairman.
Under UK corporate rules, company board directors are not expected to serve on the board for longer than nine years, with longer tenures said to be impactful on a director’s independence.
“The board’s decision to retain Mr Mattingley as its non-executive chairman reflects the significant value he brings to the board, including in particular his wealth of gambling industry and public company experience, deep knowledge of the business and industry contacts,” the Gibraltar-headquartered company said in a statement. “The board believes Mr Mattingley’s continued tenure as non-executive chairman benefits all shareholders.”
It added: “The board recognises the importance of future succession planning and was recently strengthened through the appointment of Mr Mark Summerfield as a non-executive director and chairman of 888’s audit committee on 5 September 2019. The company continues to look at potential additional non-executive director appointments to the board and will seek to provide a further update on this matter by its next annual general meeting in May 2020.”