Phil Richards has departed from his role as chief financial officer at Gaming Innovation Group (GiG) after two and a half years. In a LinkedIn announcement made on Monday, Richards indicated that October marked his final month with the company. He is set to assume the CFO position at design and visualization software firm Chaos in December.
GiG confirmed that Richards' departure took effect on November 2. The company has initiated transition measures to ensure continuity in finance, reporting, and regulatory oversight while they look for his successor. During this transitional phase, Richards will be available for support.
Richards joined GiG as CFO in July 2021, bringing with him nearly six years of experience at Kambi, a gambling technology provider, where he held senior finance positions. His earlier career includes serving as CFO at Corero Network Security and holding senior roles at Shell and KPMG.
Richard Carter, CEO of GiG, expressed gratitude for Richards' contributions 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."
Reflecting on his time at GiG, Richards remarked on the significant changes the company underwent, stating, "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 acquisition of a majority stake in 888Africa, announced in August, marks GiG's return to business-to-consumer gaming after a hiatus of several years. The company aimed to acquire 80% of Evoke’s 888Africa in a transaction valued at up to €16.4 million. In a conversation with iGB in September, Richards noted that this deal provides GiG with a "strategic bridgehead" for its primary business-to-business operations. He explained, "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 not announced a successor for Richards.
