UK-listed gambling operator GVC Holdings has buckled under a shareholder revolt over executive compensation, while gambling tech outfit Playtech sells off its entire GVC stake.

GVC held its annual general meeting in Gibraltar on Wednesday, and the company’s stellar results over the past year were overshadowed by the number of votes opposing (a) the company’s controversial remuneration report, and (b) the continued directorship of the man who oversaw that report.

Following the vote, non-executive director Peter Isola opted to step down from the board’s remuneration committee. Around 42.6% of GVC shareholders voted against Isola’s re-election as director, while nearly 44% voted against approving the remuneration report he oversaw.

The board also bid goodbye to Will Whitehorn, who served on GVC’s audit, nominations and remuneration committees. GVC added Virginia McDowell, the former president and CEO of US-based Isle of Capri Casinos and the current vice-chair of Global Gaming Women, as a new independent non-exec director.