Ladbrokes Seeks a New CEO

Christopher Bell, the chief executive officer of Ladbrokes one of the U.K.'s biggest gaming operations has announced he will be vacating his post. Mr. Bell is a veteran chief and will be hard to replace. He has been according to the press one of the longest serving CEO's of a U.K. listed firm. Investors in Ladbrokes hope to find a suitable new head to help drive the company's plans to expand it's online division.

Bell has come under fire over the past 12 months. James Hollins an analyst for Daniel Stewart, reportedly said, "for overseeing a difficult period in the group's history, culminating in a punitive equity raise in October 2009" The company has under performed especially in it's online operations. Bell's departure paves the way for a new wave of optimism that Ladbrokes will pull up it's market share and resist the competition with added strength. Peter Erskine, Ladbrokes Chairman said in a statement, "Bell has made an invaluable contribution to the growth and development of Ladbrokes during his 20 years with the company." "It has been agreed between the board and Chris that this is an appropriate time to seek new leadership for the business. The board is currently engaged in the search for a new Chief Executive to fully capitalise on Ladbrokes' brand strength and position the Company for a new era of profitable growth,"

Bell said, "very good people" are available at Ladbrokes to replace him. Bell suggested anyone who would fill his shoes would have to be "hugely passionate" about the gaming industry and be up with the latest technology. Ladbrokes is a large and diverse company that will take an experienced and confident individual to take over the helm. Whether the new CEO will come from within the ranks or from somewhere else is still speculation at best. A further announcement is sure to come soon.