888 backs Brian Mattingley as chairman after shareholder pushback

888 has publicly backed Brian Mattingley’s continued presence on its board following recent shareholder pushback against the length of Mattingley’s tenure.

The operator has been in discussions with major shareholders after more than 20% voted against Mattingley’s re-election as chairman at the company’s AGM in May.

888 said the primary reason for the vote was the length of Mattingley’s tenure as a director of 888.

Mattingley joined the board of 888 in August 2005, holding a variety of positions at the firm including  and CEO, executive chairman and non-executive chairman.

UK Corporate Governance Code suggest chairs should serve a maximum of nine years – a rule that prompted the departure of GVC chairman Lee Feldman.

In a statement issued this morning, 888 said Mattingley’s continued tenure as chairman “benefited all shareholders”.

“The board’s decision to retain Mr. Mattingley as its on-executive chairman reflects the significant value he brings to the board, including in particular his wealth of gambling industry and public company experience, deep knowledge of the business and industry contacts,” the statement said.

Brian Mattingley

The operator added, however, that it recognised the importance of future succession planning, pointing to the recent appointment of Mark Summerfield as a non-exec director.

“The company continues to look at potential additional non-executive director appointments,” 8888 added.

Mattingley said in an email to EGR: “Nobody stays forever, and we at 888 are conscious of succession planning and we will ensure that the skills and experience required to drive a dynamic company forward are of utmost importance.

“I love the industry which I feel has still a long way to go, and believe that 888, with its talented team will continue to deliver excellence.”

888’s share price was relatively unmoved at 159p at the time of writing.