Levy No More in 888 Holdings’ Board of Directors

Former 888 CEO pursues his other internet ventures

According to the latest statement from online gambling group 888 Holdings, its former CEO and non-executive director, Gigi Levy, has decided to leave the company’s board of directors.

Levy first resigned his CEO position in April 2011, but stayed on the board for over a year, facilitating a professional hand-over, and perhaps more importantly, avoiding a demand for GBP 48 million from the vendors of the recently acquired Wink Bingo.

As 888 cautioned at the time, "If Gigi Levy ceases to be a member of the board... the Wink Bingo vendors may require 888 to initiate the sale of the Wink Bingo business to facilitate repayment of the outstanding debt" – or GBP 48 million.

In addition, there have been many speculations of Levy’s disagreements with the company's founding shareholders - the Israel-based Shaked and Ben Yitzhak families.

Yet, the departure by no means implies that Levy will be idle afterwards - as a member of several other boards of directors and an active angel investor who was involved in several promising start-ups, including that of the successful social gaming company Playtika, it’s clear he will have his hands full.

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