Gaming Innovation Group’s board announced on 29 May that Richard Brown will depart from his role as CEO on 31 December 2023. The company is undergoing a strategic review that may result in the split of GiG into two separate corporate entities. The affiliate arm, GiG Media, will continue to be led by CMO Jonas Warrer while the platform and sportsbook business will be looking for a new CEO.
During Brown’s tenure as CEO, GiG has expanded into new markets, completed significant acquisitions, sold off its B2C assets to Betsson, and achieved record revenues in Q1 2023. The company’s chairman, Petter Nylander, expressed satisfaction with Brown’s performance and his contribution to driving shareholder value. Brown joined GiG in February 2016 as managing director for GiG Media and later assumed the roles of chief digital officer and chief operating officer before becoming CEO.
In terms of Brown’s background, he held senior positions in companies such as Highlight Media Group, Web Guide Partner, and THG Sports prior to joining GiG.
Brown himself stated that it has been an honor and privilege to be part of GiG’s development for the past eight years. He believes that the organization’s teams and management groups have the necessary skills and passion to continue growing the business and achieving its financial and operational goals.
In its update on the strategic review, GiG revealed that progress is being made, and the search for a new CEO for the Platform & Sportsbook segment has started. If the split occurs, it would result in two independent publicly listed companies. One company would focus on media services, particularly GiG’s affiliate lead generation services. The other company would focus on the platform and sportsbook, encompassing GiG’s technical igaming platforms, including Sportnco, which the company acquired in April 2022 for €51.3m.
The purpose of the split is to enhance the focus of each segment, optimize growth opportunities, and provide strategic and financial flexibility to each new business.
