French Gambling Operator Keeps its CEO for Another Term

The popular Chief Executive Officer of Pari Mutuel Urbain (PMU), Philippe Germond is to serve another four years as the company chief. The operator is one of the leading providers of online and offline gambling in the country and works under French gambling laws.

The unanimous decision to keep the CEO for another term was reached at PMU’s General Assembly. Germond is also rumored to receive much support from the French horseracing authority – France Galop as well as Societe d'Encouragement a l'Elevage du Cheval Francais.

Philippe Germond told France gambling news: "The confidence members of the General Assembly have placed in me will allow us to continue and accelerate PMU's growth for the next four years, both locally and internationally. I know I can count on the mobilization and talent of the PMU team to carry out this mission."

As his first act, Germond asked the Assembly to also re-elect Xavier Hurstel, the deputy Chief Executive officer.

During the previous Germond’s reign, PMU, operating some of the most successful online casinos in France, carried out a pretty aggressive strategy, The company went after new markets, while keeping its core business – horserace betting – constantly growing.

Germond also assisted in putting a modern touch to the PMU brand and oversaw internal transitions, which enabled the operator to prepare for ever-growing challenges. The aggressiveness of the strategy was successful as 2011 fiscal results revealed a EUR 876 million net income, over 10 percent rise on the year before.

The latest reports on the current year suggest tough conditions for horseracing due to bad weather and general impact of economic downturn. However, PMU is showing strong performance in both online sports betting and poker segments.