|Financial analysts are puzzled, following the news that David Harding, Chief Executive at William Hill, has sold almost all of his shareholding in the company. Harding cited ‘personal reasons’ for his decision to sell 946,954 shares for more than £5 million, adding that it was in no way a ‘reflection of his commitment to the business’.|
The company, which recently joined the FTSE index, dipped in value by 3.3%, some £70 million, as brokers urged investors to ‘follow the leader and sell up’, but has now steadied following the announcement of a company share buyback.
When Hills floated on the stock market two years ago, Harding said that he would keep his shareholding to show his commitment to the company. 'This isn't a fat cat story', he said. 'This is management locked in for the future.'
A spokesperson for the bookmakers said that Harding remains ‘100% fully committed’ to the company. He currently rumoured to be negotiating a divorce settlement.