Matt Pierce Promoted to CEO of Inspired Entertainment

Inspired Entertainment has announced the promotion of Matt Pierce to the position of CEO, succeeding A Lorne Weil, who will now serve as executive chair of the board. In addition to his new role, Pierce will retain his responsibilities as chief operating officer and will take on greater oversight of the company's strategic direction. Pierce's contract has been extended through December 31, 2026, with an increase in his base salary to $585,000 and the potential for a bonus of up to 110% of that salary, which could result in earnings of up to $1.2 million depending on performance. Weil, as executive chairman, has also seen his contract extended to December 31, 2027, with a salary increase to $800,000 per year and an annual limit of 80,000 shares. The company indicated that these leadership changes are part of a broader initiative to streamline strategic oversight and reorganize the executive chair's office. This leadership transition comes on the heels of Inspired's announcement in November 2022 regarding significant cost-cutting measures in response to a decline in Q3 revenue and profits.