William Hill Finds Replacement for Departing CFO

British bookmaker William Hill has appointed Adrian Marsh as its new Chief Financial Officer. Mr. Marsh currently serves as CFO at international packaging company DS Smith.

News about Mr. Marsh’s appointment as William Hill’s new financial head first emerged on Sunday in a tweet by Sky News’ city editor. The move was confirmed this morning by DS Smith.

Mr. Marsh joined DS Smith in September 2013 and has served as its Group CFO for the past six and a half years. In June 2019, he also joined multinational energy services company John Wood Group as its Audit Chair.

William Hill is set to announce the appointment of its new CFO about a month after news emerged that its current financial head, Ruth Prior, would step down as a Chief Financial Officer and Director of the bookmaker and would return to the private equity sector, joining Element Materials Technology as CFO.

William Hill said last month that that it has commenced a search for a successor and would announce Ms. Prior’s departure date in due course.

Ms. Prior joined the gambling operator in the fall of 2017. She replaced Philip Bowcock, who had just stepped in as CEO of the company.

A Tough Year Ahead

Mr. Marsh’s appointment comes at an important time for the British bookmaker as it seeks to mend its profitability and venture further into the lucrative US sports betting market.

After several years of profit warnings and results below market expectations, William Hill said in January that it expected its operating profit for the 52 weeks through December 31, 2019 to be in the region of £143 million to £148 million, ahead of both market and management expectations.

The company will certainly look to build on its 2019 results and finally put its turbulent times behind.

William Hill has been busy expanding its operations in the US where the May 2018 US Supreme Court ruling struck down a long-standing federal ban on sports betting. Many European gambling companies have set sights on the new lucrative market and William Hill has been among the most active such companies in its efforts to secure a bigger slice.

The legacy British bookmaker has been running sports betting facilities across Nevada even prior the SCOTUS ruling two years ago. And a partnership the company formed with casino operator Eldorado Resorts in the fall of 2018 enabled it to open sportsbooks in other states where athletic wagering has become legal.

William Hill is looking to cement itself as one of the leaders in the US sports betting space to offset the tough operating conditions in the UK where a crackdown on the so-called fixed-odds betting terminals forced the company to reduce its retail estate significantly and a proposed crackdown on the online gambling sector could further hit its profitability.

To strengthen its US foothold, William Hill last week announced that it has formed a sports media partnership with CBS Sports. The deal will see CBS Sports utilize William Hill odds, experts, and more than 140 sportsbooks across the US to up its sports content, while the gambling operator will be able to promote its brand across its partner’s digital platforms.

Source: Bookmaker William Hill to appoint DS Smith’s Adrian Marsh as CFO – Sky News

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