Richard Brown, Chief Executive Officer (CEO) of Gaming Innovation Group (GiG), has officially stepped down from his role, effective immediately. Brown will transition to a board advisory position, where he will serve until December 31, 2023.
This announcement follows GiG’s earlier revelation in May 2023 about its strategic review, which aimed to split the company into two distinct entities. The objective behind this restructuring is to maximize growth opportunities and leverage the unique business models of each division. GiG believes that this division will enable both businesses to grow more rapidly compared to their current corporate structure.
Richard Carter assumed the position of CEO for the Platform & Sportsbook unit in August, providing strong and experienced leadership for this division ahead of the planned company split. Meanwhile, Jonas Warrer will continue to lead GiG Media as the CEO for this business unit.
During the transitional period until the proposed company split is finalized, Petter Nylander, Chairman of the Board for GiG, will serve as Executive Chairman.
Richard Brown will play a crucial role in facilitating a smooth handover to Richard Carter and will offer ongoing support to the board of directors until the end of the year. This transition ensures that both new CEOs have the necessary support while having full mandates to drive their respective business units forward.
Petter Nylander, Chairman of the Board for GiG, expressed his satisfaction with the progress of the company’s division into two distinct entities. He commended the appointment of Jonas Warrer and Richard Carter as CEOs of the Media and Platform & Sportsbook units, respectively. Nylander also extended his gratitude to Richard Brown for his valuable contributions to GiG over the years and highlighted Brown’s continued availability until year-end to ensure a seamless transition.
Richard Brown, reflecting on his departure, stated, “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.”
GiG’s restructuring efforts signal its commitment to enhancing future expansion and creating shareholder value as it moves forward with two separate industry-leading businesses.
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