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Only a month after William Hill announced that Adrian Marsh would take over as new CFO, Marsh changed his mind. As the company announced, Marsh decided to stay at his current company due to coronavirus outbreak.
It is unclear how this will affect the casino operator. For now, Prior, the current CFO will remain in position until a new candidate appears.
Adrian Marsh announced his new decision a few days ago. William Hill Group, after Marsh changed his mind, explained the reasoning behind the new resolution. According to William Hill, Marsh decided to stay at DC Smith because of coronavirus. Marsh is currently the CFO at this international packaging company.
Marsh’s change of heart probably stems from the fact that these are uncertain times for the casino industry. The virus is spreading fast, and the UK is greatly affected. The DC Smith Group Finance Director presumably did not want to risk his future by getting involved in the gambling industry.
Speaking of the gambling industry, William Hill has already said that it expects difficulties in the upcoming months. Bookmakers and casinos have shut down around the world, and the world as a whole is facing a complete lockdown. It is not sure when all this will be over, and no one can predict.
Therefore, most major bookmakers are getting ready for the grave consequences of the virus. William Hill even suspended its dividend until further notice, in a move to prevent significant asset losses. The company announced that it expects EBITDA losses to register between £100m and £110m.
But William Hill currently has more pressing matters than the upcoming losses. The company needs to find a new CFO to replace Ruth Prior, who announced her resignation two months ago. Until a new CFO appears, Prior will have to remain in her position as the global CFO of the company. The company also announced multiple deals to expand its business in the USA, with Grand Traverse as the first partner.