Bwin.party board member Daniel Silvers stands down
Silvers was appointed to the bwin.party board last year on behalf of Jason Ader's investment firm SpringOwl
Bwin.party this morning announced non-executive director Daniel Silvers had stepped down from the board with immediate effect.
Silvers was appointed to the board back in May 2014 on behalf of SpringOwl Asset Management, which acquired a 6% stake in the operator earlier that year.
In a statement, bwin.party said Silvers advised the operator he would be pursuing commercial interests outside of SpringOwl, and his decision to step down reflects the priority he is now giving these.
“Daniel has been a valued and constructive contributor to the board’s deliberations and I want to thank him for his significant contribution,” Philip Yea, bwin.party chairman, said.
Silvers’ appointment to the board was not without controversy, with the operator and SpringOwl CEO Jason Ader entering into a war of words over how the firm was being run.
At the time SpringOwl made its investment, Ader was critical of the bwin.party board, claiming poor strategic decision making has caused the operator’s share price to fall in recent years.
In the end bwin.party and SpringOwl compromised, with Silvers’ appointed to the board in return for the investor withdrawing four resolutions set to be put before shareholders.
Following Silvers’ departure, Ader said SpringOwl remained “strong supporters” of the bwin.party board and the operator’s pending takeover by GVC Holdings.
Due to the takeover, SpringOwl said it would not be nominating a successor to replace Silvers.