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GAN appoints Chang as permanent CFO

| By Robert Fletcher
GAN has announced the appointment of Brian Chang as its permanent chief financial officer after almost 18 months of serving in the role on a temporary basis.
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Chang became interim CFO at GAN in November 2022 when Karen Flores stepped down from the position. He will now continue in the role in a full-time capacity.

Prior to taking on the interim role, Chang worked as senior vice-president and corporate controller at GAN. He has been with the business since September 2021.

Before joining GAN, Chang worked across various senior finance roles at diversified services provider Alorica. He also had a spell with medical company Edwards Lifesciences and spent almost seven years working for Deloitte.

“I’d like to congratulate Brian on his appointment to permanently lead our finance team,” GAN chairman David Goldberg said. “Brian has proven his financial acumen having served as our interim CFO and he has the full backing of the board of directors.”

Chang taking on the role represents the latest senior management change at GAN. Last year, long-serving Dermot Smurfit stepped down as CEO. Seamus McGill, a non-executive director since 2014, was appointed as interim CEO before taking the role on a permanent basis last month.

Sega Sammy acquisition edges closer for GAN

Smurfit left shortly before gaming heavyweight Sega Sammy agreed to purchase GAN for $107.6m (£85.6m/€99.9m). Incidentally, Chang will support GAN with the acquisition as permanent CFO.

The deal was given the green light by GAN shareholders in February. Sega Sammy is seeking to use GAN to support its online gambling expansion plans in the US.

Should the deal go ahead as expected, GAN would merge with the Sega Sammy Creation arm of Sega Sammy and form a new special purpose company. GAN would be the surviving corporation after this merger.

“Brian’s proven leadership among the financial team and strong knowledge of accounting and financial controls leave us confident that he is the right person to guide us to a successful close of our merger with Sega Sammy.”

Chang added: “I look forward to the opportunity to continue to lead our finance team toward a successful closing of our merger with Sega Sammy.”

Net loss down for GAN in 2023

In other recent news from GAN, the business last month published its full-year results for 2023. These revealed a decline in revenue but a reduced net loss.

Group revenue for the 12 months to 31 December 2023 was $129.4m, down 8.6% from the $141.5m posted in the previous year.

B2C remains the primary source of revenue at $86.2m, but this was 1.5% down from the previous year. B2B revenue also fell 20.2% to $43.2m. 

However, there was some good news for GAN, with no impairment costs reducing its overall spending. As such, net loss was cut from $197.5m to $34.4m, although adjusted EBITDA fell from a positive of $6.0m to an $8.4m loss.

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