Philippe Germond departs as PMU CEO

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French betting and horse racing operator Pari Mutuel Urbain (PMU) have announced the departure of Chief Executive Officer Philippe Germond. Germond leaves after five years at the helm of the company, it is expected that General Director Xavier Hurstel will succeed Germond as CEO of PMU.

The departure of Germond, sees PMU adopt a new management and strategy to overcome performance difficulties in the French sports betting and gambling market.

In its most recent interim report, PMU recorded a 3% decline in gaming revenues to €140 million. PMU management had previously underlined the operators difficulties in moving its business online. PMU further reported slowing sales in its retail divisions.

Under Germond management PMU had seen its move away from being a French owned state gaming operator. PMU would also move its sports betting vertical online and release new products such as online poker.

French business reports, have stated that Germond will join European car rental operator Europcar, in a Governance position.