GiG readies for break-up as Brown ends all CEO duties

Gaming Innovation Group (GiG) has announced that, effective today, Richard Brown has ended all duties as CEO of the Nasdaq-listed igaming platform and media services provider.

The pending resignation of Brown was officially announced to GiG investors on 29 May 2023, as Brown is set to become the new CEO of Glitnor Group from January 2024, taking leadership of the multi-brand igaming group.

Concluding his tenure as Chief Executive of GiG, Brown has overseen the firm’s ‘strategic review’ initiated at the start of the year, in which GiG will be split into two separate businesses formed from its platform and media units.

“The split will form two industry-leading businesses with the potential to grow faster than in the current corporate structure,” GiG informed.

In preparation for the break-up of its business, GiG recruited former SBTech executive Richard Carter as CEO of its Platform and Sportsbook unit, effective in August. Meanwhile, Jonas Warrer will continue to lead GiG’s fast-growth Media unit as CEO.

The transition period sees Petter Nylander, Chairman of the Board, take on the role of Executive Chairman until the proposed split under the strategic review is completed. 

Though departing from GiG’s executive team, Brown will maintain a “Board advisory position until 31 December 2023” to “enable both new CEOs with a full mandate to take their respective business units forward”. 

Nylander and the GiG board thanked Brown for his transformative tenure of the business, stating: “We are very pleased with the progression of splitting GiG into two distinct entities to enhance future expansion and drive shareholder value. 

“We now have two strong CEOs in Jonas Warrer for Media and Richard Carter for Platform & Sportsbook, each with full operational responsibility for their respective business unit. Richard Brown has been instrumental in making this possible, and the Board wants to thank Richard for his valuable contribution to GiG over the years. We are pleased that Richard will be available until the year-end to secure the succession.”

Brown concluded: “GiG is in a tremendous position strategically and operationally, and with Jonas and Richard now in place to drive the business units towards further success, it is a good time for me to move to a supportive but non-operational role until the end of the year.”

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