According to Bragg, Falzon will remain in both positions until 31 December this year. She will continue to be actively involved in the day-to-day operations of the business until she exits at the end of the year.
“I am honoured to have been part of the Bragg team during a time when the company made so much progress in establishing its foundation to achieve consistent growth,” Falzon said. “I am confident the company has outstanding leadership and team members to guide its continued success going forward.”
Falzon has served as president and COO, as well as a non-executive director, since joining Bragg in November 2021. Prior to this, she was operational chief financial officer at NetEnt after also holding that role at Red Tiger Gaming prior to its acquistion. At this time she featured in iGamingBusiness’ Most Influential Women 2020 list.
Falzon also spent time working for Evoke Gaming, Candy Crush-creator King, and BMW Group’s Malta division.
Falzon’s departure was announced two months after Matevž Mazij was appointed as Bragg’s new CEO and chairman.
Mazij paid tribute to the outgoing Falzon. He said: “During her time as a board member and in senior management as president and COO, Lara has been an invaluable member of our team as her contributions to our success and growth have been substantial.
“Lara’s dedication, leadership and hard work have left a significant mark on Bragg. We are grateful for the knowledge and experience she brought to the company. We wish her all the best for the next chapter in her career.”
Bragg reiterates guidance despite Q3 net loss
Confirmation of Falzon’s departure comes after Bragg last week announced its Q3 results.
Revenue was up 8.0% year-on-year to €22.6m (£19.8m/$24.2m) in the three months to 30 September. Bragg slipped to a net loss of €3.6m for the quarter but adjusted EBITDA was up 72.7% to €3.8m.
Based on these and its nine-month figures, Bragg remains confident on its full-year, using the Q3 announcement to also reiterate previous guidance for 2023.
Revenue is expected to be within the range of €95.0m to €97.0m. In addition, adjusted EBITDA should hit between €15.5m and €16.5m.