GiG CEO Richard Brown to step down in December as company moves forward with corporate split

iGaming technology company Gaming Innovation Group (GiG) has announced that CEO Richard Brown will step down on December 31, 2023, from his position. The move comes amid the company's previously announced strategic review with the intention to split GiG into two separate corporate groups, including GiG Media and Platform & Sportsbook. 

As per GiG, 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.

Petter Nylander, Chairman of the Board of Directors of GiG, said: "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. We are pleased that Richard has agreed to stay until the end of the year to secure a smooth transition." 

Brown has worked with GiG since 2016 when he first started off as managing director for GiG Media. He gradually progressed to the role of chief digital officer, and chief operating officer before he was appointed as the CEO of the company. During his tenure, the group expanded into new markets, completed major acquisitions, sold off its B2C assets to Betsson, and delivered record revenues in the latest quarter.

"It has been a true honor and privilege to be part of Gaming Innovation Group's development over the past 8 years and the last 4 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," said Brown.

"I have no doubt that the teams throughout the organization 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."

After the split, the two independent companies will be publicly listed. While GiG Media would focus on media and generation services, Platform & Sportsbook will include the company’s technical iGaming platforms including Sportnco, which GiG acquired in April 2022.

The spilt’s main focus will be to sharpen the focus of each segment, optimize growth opportunities and ensure that each new business can benefit from strategic and financial flexibility.