Yea & Teufelberger outline strategy for bwin.party recovery

yea
bwin.party – Chairman – Philip Yea

Having reported a revenue decrease of 7% in their H1 2014 interim results, bwin.party Chief Executive Norbert Teufelberger and company Chairman Philip Yea outlined key criteria for the operator’s recovery.

The company directors pinpointed to a restructuring of bwin.party senior management, with a view to bring in fresh ideas and new approaches which will aid the operator in saturated markets.

Additionally bwin.party will look to execute new investment plans in order to improve company growth. Furthermore the operator will look to streamline its current product offering and workforce, as the operator sets to reduce corporate costs (bwin.party reported 24% EBITDA decrease in its operations for H1 2014)

Commenting on company performance Chairman Philip Yea said “It’s absolutely clear that we have to perform better,”

“I think the reorganisation that Norbert Teufelberger announced is actually fundamental. So clearing the lines and getting the senior management team organised this way will lead to further changes which will get the customer connection back with the company, where it needs to be.”

CEO Norbert Teufelberger, had cited that the operators new focus on ‘Volume to Value’ strategy for its operations, had affected product wagering and general performance. However the successful integration of the strategy would be beneficial to the operator in the coming months.

bwin.party’s financial performance has seen shareholders raise their concerns regarding the management and leadership of the operator. At the start of 2014, Teufelberger strategy and leadership were publically questioned by activist investor Jason Ader, who publically criticised the operator’s board members for not being able to deal with internal issues/matters effecting bwin.party performance.

Ader would recommend company shareholders through investment vehicle SpringOwl, to support changes to the operator’s board, with a view to bring in new members capable of executing new policies which would improve the bwin.party’s digital performance and operations. Teufelberger and bwin.party board members issued a statement asking shareholders not to support the strategy.

The planned restructuring by Yea and Teufelberger is yet to be fully detailed; it remains unclear when bwin.party will begin to undertake the proposals with regards to its operations.

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