Gaming Innovation Group’s board announced late Monday (29 May) that it had agreed Brown would depart his role on 31 December 2023.
It comes in the wake of a strategic review that could see GiG split into two independent corporate entities. The affiliate arm GiG Media, led by CMO Jonas Warrer, will continue under its current leadership, meaning the platform and sportsbook business is on the hunt for a new CEO.
“Richard has done a tremendous job”
“Richard has done a tremendous job with GiG over the years and the company is in a very good position driving shareholder value going forward,” GiG chair Petter Nylander said.
“We are pleased that Richard has agreed to stay until the end of the year to secure a smooth transition.”
Brown joined GiG in February 2016 as managing director for GiG Media, progressing to the role of chief digital officer. He was then named chief operating officer before being elevated to the CEO role.
Richard Brown on his GiG tenure
Before GiG, Brown worked in various senior roles in companies such as Highlight Media Group, Web Guide Partner and THG Sports.
Brown said: “It has been a true honour and privilege to be part of Gaming Innovation Group’s development over the past eight years and the last four years as CEO, leading an incredible group of people towards, as I see it, the unparalleled strategic position across the B2B value chain that the group has created.
“I have no doubt that the teams throughout the organisation and the management groups of the respective business units have the skills and passion to continue the growth of the business towards its financial and operational targets.”
GiG: Strategic review progressing well
Some three months after it was initially announced, GiG issued an update on its strategic review alongside announcing Brown’s departure.
“The board is pleased to share that the strategic review is making good progress. GiG Media will continue under its current senior leadership and a search for a new CEO for Platform & Sportsbook has commenced.”
A split would create two independent, publicly listed companies.
One would consist of media services, including GiG’s affiliate lead generation services. The other would be focused on platform and sportsbook, which would consist of the company’s technical igaming platforms including Sportnco, which GiG acquired for €51.3m (£43.2m/$56.7m) in April 2022.
The purpose of the split is to “sharpen the focus” of each segment, optimise growth opportunities and ensure that each new business can benefit from strategic and financial flexibility.