James Henderson is stepping down from his chief executive position at William Hill with immediate effect, the London-listed bookmaker announced on Thursday.

Philip Bowcock, the company’s chief financial officer, will assume the CEO role on an interim basis while William Hill conducts a search for Henderson’s permanent replacement.

William Hill chairman Gareth Davis said Bowcock “has a clear set of priorities as interim chief executive, principally the continued turnaround of the online business.”

“For transition purposes, James will remain an employee for four weeks from the start of the notice period,” the bookmaker said in a statement.