Esports Entertainment Group Inc (EEG) has confirmed the promotion of Michael Villani to Chief Financial Officer (CFO), effective from 29 August.
Villani served as the interim CFO of EEG following the departure of Damian Mathews in January. Prior to this interim appointment, Villani had served as the financial controller for the Nasdaq-listed firm.
EEG highlighted Villani’s credentials, noting his nine-year tenure as a director and manager at the ‘Big-Four’ accountancy group, KPMG. Additionally, he led audits for Tiresias Capital, Harman International, and AIG Financial Products Corp.
“We have witnessed Michael’s leadership and operational and financial skills firsthand as we restructured the company over the past several months,” said Esports Entertainment CEO, Alex Igelman.
EEG continues its restructuring following a challenging 2022. During this year, the leadership acknowledged a ‘going concern’ regarding the company’s future after booking a $38m impairment charge.
The challenging trading conditions in 2022 led to Grant Johnson’s departure as CEO. He was replaced by Alex Igelman, who now spearheads EEG’s new action plan, emphasising the expansion of B2C offerings, especially through the development of the Idefix platform.
Commenting on Villani’s promotion, Igelman said: “He has improved our balance sheet, divested, or closed non-core business lines to streamline operations, and increased operational efficiencies across the company.
“Michael is a valued member of our leadership team. We eagerly anticipate our continued collaboration with him as we focus on our long-term strategy, aiming to enhance long-term shareholder value.”