GiG confirms 2023 exit of CEO Richard Brown

The board of Gaming Innovation Group (GiG) has confirmed that CEO Richard Brown will conclude his leadership tenure at the Nasdaq Stockholm igaming technology supplier on 31 December 2023.

This decision comes as GiG continues its strategic review, announced in February, which upholds the objective of splitting the company into two separate businesses of GiG Media and Platform-&-Sportsbook solutions.

Investors were notified that “the Board is pleased to share that the strategic review is making good progress. GiG Media will continue under its current senior leadership, and a search for a new CEO for Platform & Sportsbook has commenced.”

Richard Brown, a company executive since 2017 who oversaw the group’s fast-growing media division, was promoted to CEO in November 2019, succeeding former co-founder Robin Reed.

As CEO, Brown was tasked with leading GiG’s reorganisation, which involved the company divesting its B2C igaming portfolio to Betsson AB – a transaction necessitated by GiG’s refocus on the development of its B2B technology solutions.

M&A activity under Brown’s leadership saw GiG acquire pan-European Sportsbook platform provider Sportnco SAS for €50m. Of significance, 2022 trading under Brown saw GiG fulfill its investor pledge to return to profits by announcing a full-year net result of €3m.

Petter Nylander, Chairman of the Board of Directors, commented on Brown’s achievements: “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.”

Announcing his upcoming departure Brown reflected on his CEO tenure: “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.”