888 Holdings PLC (LSE:888) has confirmed that Per Widerström has now officially taken up the role of chief executive.
Having announced the ex-Fortuna Entertainment Group boss would take the helm earlier this year, 888 confirmed this change had happened on Monday.
Interim chief executive Jonathan Mendelsohn will revert back to his original role as non-executive chair, alongside a new position in 888’s nominations committee, the company added.
Widerström takes charge of 888 after a tough year for the FTSE 250-listed betting firm.
Issues within subsidiary William Hill resulted in the company being hit with a record fine of £19.2 million in March this year.
This had followed regulatory scrutiny over 888’s money-laundering protections within its Middle Eastern operations, which prompted the departure of former boss Itai Pazner in January.
Widerström’s appointment has been tipped to steady the ship at 888 therefore, with even this coming after an attempt by activist investor FS Gaming for control of the firm.
“Widerstrom’s appointment could open up a new, more positive chapter for the group,” interactive investor analyst Victoria Scholar commented previously.
888 recently warned that full-year EBITDA would come in below expectations after unfavourable sporting results and the impact of compliance changes led to a sharp drop in revenue in the third quarter.
Third-quarter results will be published on Wednesday, 18 October.