The chief executive of 888 Holdings, Gigi Levy, is to step down after 5 years to “pursue other interests” but will remain on the board. He will still “commit up to 50% of his time for the next six months” while the company finds a replacement CEO. Senior independent director, Brian Mattingley, will “work closely with management on all aspects of the business.” Levy will have to remain on the board until such point as 888 has fully paid for Wink Bingo.

888 has had a difficult time recently having had to renegotiate payments for Wink Bingo and reported below expected revenues. While clauses in the Wink Bingo agreement mean that any material change to the company could give the previous owners Daub the right to force a sale of Wink Bingo, a 888 spokesperson has confirmed that Levy’s departure “would not affect the Wink payout as Levy would remain on the board.

It was also confirmed that Levy had stayed in the position “to get the company back on track before leaving to pursue other interests”. While it has not been confirmed what Levy intends to do next he is involved in a number of other ventures and internet start-ups.

The 888 board said its nominations committee is looking for a new CEO to lead the company and an executive search firm would also be providing assistance.