Philippe Germond
PMU chief announces departure
2014-09-11
Reading time 40 seg
(France).- PMU chief executive Philippe Germond will be stepping down from his position within the month according to a report from the French gaming firm. A PMU spokesperson confirmed the news but there were no specific reasons for his departure and no successor has been lined up nor the search for a new chief executive started.
However, the two main stakeholders in PMU, France Galop and Le Trot, issued a statement stating that 'the parent companies take note of Philippe Germond’s decision to pursue his career outside PMU in conditions that the racing institutions could not offer in the current climate'. The group added that Germond leaves the operator in good shape following the announcement that net revenues had reached 860 million euros in 2013, compared to 730 million euros in 2009.
The group added that the PMU 2020 project, which aims to modernise the horse racing offer and attract a younger audience to ensure its long term viability, would not be altered by the departure and were still on track.
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