GiG CEO Richard Brown to Depart Role by End of 2023
Gaming Innovation Group (GiG) has announced that Richard Brown will be stepping down from his role as Group CEO on the 31st of December, 2023.
The development comes after the Board initiated a strategic review in February to split the Nasdaq Stockholm iGaming technology business into two separate corporate groups; GiG Media and Platform & Sportsbook. The Board has decided that GiG Media will continue under its current senior leadership while it will shop for a new CEO for Platform & Sportsbook.
Richard has done a tremendous job with GiG over the years, and the company is in a very strong position to drive shareholder value going forward. We are pleased that Richard has agreed to stay until the end of the year to secure a smooth transition.
Richard Brown joined GiG as an executive in 2017, and two years later, he was promoted to CEO. Under his tenure, Brown has managed to uphold and work towards GiG's vision of becoming the industry-leading platform, sportsbook, and media provider delivering world-class solutions to its iGaming partners.
He oversaw GiG's reorganization, which led to the company divesting its B2C iGaming portfolio to Betsson AB. Under his watch, GiG also acquired pan-European Sportsbook platform provider Sportnco SAS for €50m. In its 2022 trading report, the company published a full-year net result of €3m, fulfilling its investor pledge to return to profits.
It has been a true honor and privilege to be part of the Gaming Innovation Group's development over the past eight years, and the last four years as CEO, leading an incredible group of people towards what I see as the unparalleled strategic position across the B2B value chain that the group has created. I have no doubt that the teams throughout the organization and the management groups of the respective business units possess the skills and passion to continue the growth of the business towards its financial and operational targets.
Would This Decision Influence the Financial Strategy of the Company?
Last month, GiG posted its Q1 2023 financial report showing revenues of €28.4 million, an increase of 49% compared to Q1 2022, and an adjusted EBITDA of €11.7 million, up 75% from last year.
The company attributed its profits to several achievements, including a record increase in revenues from media and platform/sportsbook segments, its acquisition of AskGamblers, and deal extension with News Corp UK & Ireland Limited. Currently, no prediction can be made on how the stepping down Richard Brown will influence the company.