GiG confirms Richard Brown has stepped down as CEO
Following the announcement from Gaming Innovation Group (GiG) in May 2023, Richard Brown, the current CEO of GiG will be stepping down from his position, effective as of today. However, Brown will move to a board advisory position until December 31 2023.
This change comes following the company’s strategic decision earlier this year to conduct a thorough review of its operations. The objective of the review was to split the company into two separate divisions.
By doing so, GiG aims to optimise growth opportunities and allow each business to benefit from the strategic and financial flexibility of its business models. GiG says the split is anticipated to pave the way for both resulting businesses to achieve accelerated growth compared to the current corporate structure.
In preparation for this division, GiG appointed Richard Carter as the CEO of Platform & Sportsbook in August. Meanwhile, Jonas Warrer will continue to serve as the CEO of GiG Media.
During this transitional period leading up to the proposed split, Petter Nylander, Chairman of the Board, will take on the role of Executive Chairman. Brown, in his new capacity as a board advisor, will support the transition to Carter’s leadership and will continue to support the board of directors until the end of this year.
GiG says this arrangement ensures a smooth transfer of responsibilities to the new CEOs, empowering them to lead their respective business units effectively.
“We are very pleased with the progression of splitting GiG into two distinct entities to enhance future expansion and drive shareholder value,” says Nylander. “We now have two strong CEOs in Jonas Warrer for Media and Richard Carter for Platform & Sportsbook with full operational responsibility for each business unit.
“Richard Brown has been instrumental in making this possible and the Board wants to thank Richard for his valuable contribution to GiG over the years. We are pleased that Richard will be available until year-end to secure the succession.”
Furthermore, Brown affirmed his confidence in GiG’s strategic and operational positioning. He said: “GiG is in a tremendous position strategically and operationally, and with Jonas and Richard now in place to drive the business units towards further success, it is a good time for me to move to a supportive but non-operational role until the end of the year.”
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