Springowl’s Silvers leaves bwin.party board

silversDaniel Silvers one of the non-executive directors appointed to the board of bwin.party Entertainment by investment fund Springowl has stepped down from the governance position.

Silvers exits the bwin.party board having withdrawn from his position as Springowl President.

Recommended by bwin.party activist investor Jason Ader CEO of Springowl (owner of 5.1% of bwin.party shares). Silvers had been appointed in May 2014 to advise the firm on its recovery following several quarters of group performance declines.

Industry commentators had pointed that the appointment of Silvers to the bwin.party board, had represented the growing influence of Jason Ader’s Springowl on the operator’s long term corporate strategy.

Silvers departs bwin.party as the operator prepares to finalise its £1.1 billion merger with GVC Holdings, which following a competitive bid with 888 Holdings was agreed on this August.

Jason Ader commented on the departure of Silvers

We remain strong supporters of the bwin.party board and of the pending transaction with GVC Holdings plc. Given the current timetable, we are not currently nominating a successor for appointment to the bwin.party board ahead of the completion of the recommended offer from GVC that is expected to take place in early 2016.”

Daniel Silvers said: “I have enjoyed working with the bwin.party board and am confident with the company’s current course, including the pending transaction with GVC. I wish bwin.party and each of my colleagues on the board, every success for the future.”

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