GVC’s shares slump as directors reduce their holdings in the company

Business News

GVC Holdings saw more than £700mln wiped from its value on Friday morning after the gambling giant’s chief executive and chairman sold off a huge chunk of their personal stakes.

CEO Kenneth Alexander raked in £13.7mln after selling off more than half of his shares, while chairman Lee Feldman trousered £6.0mln after getting rid of three-quarters of his stake.

Alexander tried to reassure investors by stating that both he and Feldman “remain fully committed” to GVC.

 “I’m here for the long term and at the very least I have a current plan that will take three plus years to accomplish,” he added.

“We reported excellent results earlier this week and we both remain convinced of the exciting prospects for the business. Therefore, while we continue at GVC we will not reduce our holdings below the current levels.”