Klechtchev notified the board of his resignation on 19 October, which was effective immediately. He had been appointed to the role in September. Lottery.com said his resignation was “not the result of any disagreement with the company on any matter relating to the registrant’s operations, policies or practices”.
McGahan was appointed on 19 October. However, this is subject to background checks, which must take place before 28 October.
McGahan founded the UK charity Mask Our Heroes in response to the need for personal protective equipment during the Covid-19 pandemic. The charity procured and shipped masks to the UK.
Before this, McGahan founded – and later sold – Harley-Davidson dealer Magic Automotive Group.
Strained few weeks
October has been a tumultuous month for Lottery.com’s board. At the beginning of the month, it announced that it had appointed Klechtchev and Amer Rustom as directors and Sohail S Quraeshi as CEO.
This was because Nasdaq handed Lottery.com a deadline of 5 October to fill any remaining seats, in order to comply with regulations about the number of independent directors present on its board.
The deadline was given after Lottery.com failed to file its quarterly report for the period ending 30 June, resulting in a warning from Nasdaq.
Edward Moffly was appointed to the role of interim chief financial officer last week.