Itai Pazner has left his position of 888’s Chief Executive as an internal report uncovered AML shortcomings in certain markets.
Earlier today the company made a number of announcements on its Investor Relations portal, with CEO Itai Pazner’s departure being the first one. Having worked at the company for over two decades, Pazner had climbed the corporate ladder from his first marketing position at the firm back in 2001 to the role of chief executive back in 2019.
The corporation’s chairman, Lord Mendelsohn is going to be taking on the responsibilities of the executive chair as the board of directors starts their search for Pazner’s long-term replacement.
Pazner’s departure comes at an intriguing time, as 888 has also published the results of an internal investigation, which led to the suspension of all VIP accounts in the Middle East. The internal review found that numerous internal anti-money laundering and know-your-customer policies were not followed. Additionally, the firm’s announcement mentioned that further investigations are still underway, and the suspension of the VIP accounts is a precautionary move.
At the time of writing 888 Holdings has not made any comments on the correlation between the two events. Furthermore, the company has made another announcement, stating that its executive director and CFO Yariv Dafna will be postponing his scheduled resignation till the end of the year.
After these announcements were published, 888’s stock valuation went down by over 28 pence per share, a decline of over 27% in a matter of hours, to under 75 pence per share.