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Sportech’s CEO and CFO to depart next month as business downscales

| By Robert Fletcher
Betting technology business Sportech confirmed chief executive Richard McGuire and chief financial officer Tom Hearne will step down from their roles next month, in line with a reduction in the operational scale of the group.

McGuire and Hearne will both exit following the release of Sportech’s interim results on 9 September but will remain available to support the business through to the end of the current year.

Andrew Lindley, who had been serving as chief operating officer at Sportech, will replace McGuire as CEO, while Nicola Rowlands will be promoted from group financial controller to take over as CFO from Hearne.

Sportech said the changes come after a complete evaluation of the group’s business lines, as well as a reduction in the operational scale following the disposal of certain assets.

This included the sale of Sportech’s Global Tote Business to BetMakers, the sale of its Bump 50:50 arm to Canadian Banknote and a freehold property in Connecticut.

“After several years of restructuring the business and pursuing a clear goal of realising shareholder value where possible, that objective has been mostly achieved,” McGuire said.

“Given the major changes in the Company’s business and structure, I believe that now is the right time to hand over the leadership reins to Andrew and Nicola.”

Sportech chairman Giles Vardey added: “The board is extremely grateful to Richard and Tom for their passionate leadership, their sourcing and executing of numerous corporate transactions and their dedication and commitment in implementing strategic objectives over several years. They leave their roles with the thanks and gratitude of many people in the company and our stakeholders. 

“We are also looking forward to working with Andrew and Nicola, who are very familiar with the business and its markets and welcome them to the board.”

The changes in management come after Sportech earlier this month announced plans to return approximately £35.5m (€41.4m/$48.6m) to shareholders via a share purchase offer.

Last month, Sportech last month also began trading its ordinary shares on the AIM, the sub-market of the London Stock Exchange.

Sportech previously said the AIM would offer “greater flexibility” in regards to corporate transactions and also enable the business to agree and execute certain transactions more quickly and cost effectively.

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