Phil Richards has stepped down as the chief financial officer of Gaming Innovation Group (GiG) after serving the company for two and a half years. In a LinkedIn post on Monday, Richards disclosed that October marked his final month at GiG. He will be taking over as CFO at the design and visualisation software company Chaos starting in December.
GiG confirmed that Richards's departure took effect on November 2. As the company searches for a successor, transition arrangements have been initiated to ensure continuity in finance, reporting, and regulatory oversight. During this handover, Richards will still be available to support the company. The board has commenced the appointment process for a new CFO.
Richards began his role at GiG in July 2024, following nearly six years in senior finance roles at Kambi, a gambling technology provider. His previous experience includes serving as CFO at Corero Network Security and holding senior positions at Shell and KPMG.
Commenting on Richards's departure, Richard Carter, GiG's CEO, recognized the significant contributions Richards made during his tenure. "On behalf of management and the board, I would like to thank Phil for his contribution to GiG," Carter stated. "He has played an important role in the company’s financial reporting, investor relations and corporate development activity, and we wish him well for the future."
During Richards’s leadership, GiG undertook notable initiatives, including its initial public offering and shifting focus towards its platform business. One of the key achievements was acquiring a majority stake in 888Africa.
Reflecting on his time at GiG, Richards expressed pride in the company's progress, mentioning, "It has been a period of real change for GiG and one of which I’m immensely proud: starting with the IPO, alongside our significantly sharpening both the focus and quality of our platform offering while strengthening financial reporting and investor engagement, culminating with completing the acquisition of a majority stake in 888Africa."
The deal, announced in August, marked GiG’s re-entry into the B2C gaming space; the company plans to acquire an 80% stake in 888Africa, a move valued at up to €16.4 million.
In a conversation with iGB in September, Richards highlighted that the acquisition serves as a strategic asset for GiG’s B2B operations. "That dual value is really the point of the deal," he stated. "Owning a leading local operator gives us direct, ground-level insight into regulatory developments, player behaviour and payment infrastructure across several African markets; insight that is very difficult to build from the outside."
As of now, GiG has yet to announce Richards’s successor.
