With reference to the announcement from Gaming Innovation Group Inc. (“GiG”) on 29 May 2023, GiG announces today that Richard Brown will leave his position as CEO of GiG effective today and move to a Board advisory position until 31 December 2023.
GiG initiated a strategic review earlier this year with the intention to split the Company into two separate companies, to fully optimise growth opportunities and ensure each business can benefit from the strategic and financial flexibility of their distinctive business models. The split will form two industry leading businesses with the potential to grow faster than in the current corporate structure. Richard Carter was appointed as CEO for Platform & Sportsbook in August, securing a strong and experienced leader for this business unit ahead of the planned split of the Company. Jonas Warrer will continue to lead GiG Media as CEO for this business unit.
Petter Nylander, Chairman of the Board, will take on the role of Executive Chairman during the period until the proposed split under the strategic review is completed.
Mr. Brown will help support the handover to Richard Carter and provide ongoing support to the Board of Directors until the year end. The move will enable both new CEOs with a full mandate to take their respective business units forward while providing adequate background support from Mr. Brown.
Petter Nylander says, “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 with full operational responsibility for each 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 year end to secure the succession.”
Richard Brown says, “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.“