Gaming Innovation Group’s board of directors have removed Robin Reed as CEO with immediate effect, with chief operating officer Richard Brown assuming the acting position as of today.
The moved follows on from financial results that showed a drop of 14 per cent in H1 2019 group revenues, to €63m from the previous year’s €74m. GiG cited difficulties in the Swedish market, increased betting duty and a lost B2B contract as factors in the decline.
Reed had stated last month that with cost controls in place, the group was aiming for sequential growth and gaining improved earnings per share.
Petter Nylander, chairman of the board of GiG, said: “Robin has played a crucial part in building a unique one-stop global technology provider and we all owe him our sincere gratitude for this.
“However, the company now enters into the next phase of its development with different challenges and opportunities and the board has reached the conclusion that GiG therefore also needs a different leadership.
“We have a skilled management team in place. I and the board have full confidence in the chief operating officer, Richard Brown, who will be acting CEO of GiG from today.
“The strategy of GiG remains unchanged; to be the global operator and partner for strong brands in igaming, with a sweetspot in taking an offline casino brand to a strong online offering, as we have with SkyCity and Hard Rock. We are focusing on securing potential contracts within the B2B platform services and on servicing our many customers with fully managed and component solutions.
"We will continue the development of the media services and the sportsbook, not least to leverage GiG’s opportunities in the US. We will also continue driving the B2C gaming operators with a focus on growth in new markets.”
Nylander will now increase his engagement to take a more active role in GiG in order to support both the succession process and the management team, strategically as well as operationally, as the hunt for a permanent CEO starts immediately.
