PMU re-elects CEO

French operator Pari Mutuel Urbain (PMU) has reappointed Philippe Germond to continue in the position of chief executive officer for an additional term of four years.

The decision on re-electing Germond was made at PMU’s General Assembly where he received backing from the French horse racing authority France Galop and the Société d’Encouragement a l’Elevage du Cheval Français.

“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,” said Germond.

The company’s deputy chief executive officer, Xaviar Hürstel, was re-elected on Germond’s request.

Under Germond’s leadership, PMU has implemented an aggressive strategy to conquer new markets while maintaining a sustained growth in its core business – horse race betting.  Germond facilitated the modernisation of the PMU brand image along with internal transformations allowing the company to adapt to new challenges.

The strategy has paid off with strong growth reported in its 2011 fiscal year results in net income which stands at Euro 876.2 million, a 10.8 percent increase over the previous year.

A brief trading update for the first quarter of the year shows tough conditions in equestrian activity following adverse weather conditions and the impact of economic hardship for cash-strapped consumers but strong growth in PMU’s online sports betting and poker sectors.

Related and similar