Last month, Quraeshi was brought in on an interim basis and has now been permanently appointed. He had also been serving on the board of directors.
McGahan, who joined Lottery.com in October as an independent director, will now assume the role of chairman.
Prior to joining Lottery.com, McGahan founded UK charity Mask Our Heroes in response to the need for personal protective equipment during the Covid-19 pandemic. The charity secured and shipped masks to the UK. He also founded and later sold Harley-Davidson dealer Magic Automotive Group.
McGahan replaces Richard Kivel, who recently resigned as chairman citing obstacles in his role as an independent director and expressing frustration with his efforts to improve the company’s performance.
Kivel made several accusations against the business in his resignation letter, including the non-arrival of emergency funding from Woodford Eurasia and allegations of an FBI investigation into the chief compliance officer of Lottery.com.
In response to Kivel’s resignation, McGahan intends to appoint two new board members, Barney Battles and Naila Chowdhury. Battles is the founder of The League of Angels, a network of ultra-high-net-worth individuals investing in fast-growing British ventures. Chowdhury has extensive leadership experience in various organizations, especially in supporting underserved women and girls.
Quraeshi welcomes the new directors and expresses optimism about their relevant experience enhancing the senior leadership team, compliance, CSR, and strategic capabilities.
These appointments represent significant steps in the company’s turnaround and future growth strategy.
Lottery.com has faced challenges in recent months, including instances of non-compliance with laws, overstatement of cash holdings, and difficulties in paying employee wages.
In an effort to improve its situation, Lottery.com sought funding from Woodford Eurasia and faced demands for board resignations. This led to protests from two board members who believed the company was obstructing investigations into concerns raised about the new investor.
Amidst these issues, auditors Armanino resigned and were replaced by Yusufali & Associates LLC.
