William Hill seeks new CFO as Marsh pulls out of appointment
William Hill has recommenced its search for a new chief financial officer after Adrian Marsh, who had previously agreed to take on the role, withdrew from the process due to the ongoing situation regarding novel coronavirus (Covid-19).
The bookmaker appointed Marsh as its CFO last month to replace the outgoing Ruth Prior. It was also agreed that March would become an executive director on the William Hill board.
However, William Hill said that given the current unprecedented circumstances related to novel coronavirus (Covid-19), Marsh has instead opted to remain with international packaging business DS Smith.
Prior, who is currently serving out her notice period, will continue as CFO while the bookmaker restarts its search for her replacement. She had announced her intention to step down from the role in January.
“Whilst we note the reasons for Adrian’s decision, William Hill is focused on taking the necessary steps required in these unprecedented times to protect the interests of its stakeholders, and we will provide an update in due course,” William Hill’s chairman Roger Devlin said.
This is the latest major setback William Hill faces as a result of Covid-19, with the bookmaker earlier this month announcing that it expects the virus to have a material impact on revenue.
While the operator said it was too soon to determine the impact of the pandemic, it estimated a decline in earnings before interest, tax, depreciation and amortisation of between £100m (€109.0m/$119.1m) and £110m in 2020.
As a result of this anticipated disruption, the bookmaker suspended its 2019 dividend to retain financial resources within the business.