The Chief Financial Officer of GiG Software has left his role just days after the business released its Q3 2026 results.
Phil Richards’ departure was confirmed by GiG today, with the company confirming that he will leave the position which he took up in July 2024.
Throughout Richards’ time as CFO, GiG floated on the Nasdaq Stockholm and acquired a majority stake in 888AFRICA – two milestones that he said he is “immensely proud of”.
Richards will now leave the iGaming sector entirely to join technology developer Chaos as CFO next month.
GiG has confirmed that a search for his replacement is already underway.
“On behalf of management and the board, I would like to thank Phil for his contribution to GiG,” said Richard Carter, Chief Executive Officer of GiG.
“He has played an important role in the company’s financial reporting, investor relations and corporate development activity, and we wish him well for the future.”
888Africa touted to kick-start growth for GiG
As mentioned above, this comes just days after the firm released its Q3 2026 results – a quarter in which the acquisition of an 80% stake in 888AFRICA was completed.
It did, however, see revenue slide from €9.7m in Q3 2025 to €8.5m this year, as its operating loss widened from €3.5m to €4.3m year-on-year and EBITDA dipped 33% to €800,000.
The company reiterated its 2026 guidance of combined revenue of €45-€48m and adjusted EBITDA of €5.5-7m.
Next year, it expects to blitz this as it integrates 888AFRICA, with projected combined revenue of €85-€90m and adjusted EBITDA of €17-€19m.
This will have to be executed without Richards, though, who posted a heartfelt message on LinkedIn.
He wrote: “It has been a period of real change for GiG and one of which I’m immensely proud of: Starting with the IPO, alongside our significantly sharpening both the focus and quality of our platform offering whilst strengthening financial reporting and investor engagement, culminating with completing the acquisition of a majority stake in 888Africa.
“None of that happens without a committed team, and I’m very grateful to Richard Carter, Claudio Caruana, James Coxon, Kevin Norville, and Gilbert Vella along with the board, and the finance and wider GiG teams across Malta and beyond for their support, challenge and hard work. I leave the business in excellent hands and will be following its progress closely.”
