Phil Richards has departed from his role as chief financial officer at Gaming Innovation Group (GiG) after two and a half years with the company. Announcing his exit through a LinkedIn post on Monday, Richards stated that he officially left at the end of October. He is set to join Chaos, a design and visualization software firm, as their CFO in December.
The company confirmed his departure took effect on November 2. In light of Richards' exit, GiG has put in place transition arrangements to ensure continuity in finance, reporting, and regulatory oversight while they search for a new CFO. During this period, Richards will be available to assist with the handover process.
Richards assumed the CFO position at GiG in July 2024. Prior to his time at GiG, he held senior finance roles for nearly six years at Kambi, a gambling technology provider. His professional history also includes serving as CFO at Corero Network Security, along with key roles at both Shell and KPMG.
Richard Carter, the CEO of GiG, remarked on the significant impact Richards had during his tenure. “On behalf of management and the board, I would like to thank Phil for his contribution to GiG,” Carter noted. He highlighted Richards' vital role in financial reporting, investor relations, and corporate development.
Reflecting on his time at GiG, Richards expressed pride in the company's accomplishments, particularly the successful completion of its initial public offering (IPO) and the strategic acquisition of a majority stake in 888Africa. He stated, “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 888Africa, which was announced in August, marked GiG's return to business-to-consumer (B2C) gaming. The agreement involves acquiring an 80% stake in Evoke’s 888Africa, with a potential value of up to €16.4 million. In September, Richards described the deal as providing GiG with a “strategic bridgehead” for its core B2B operations, stating, “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 yet announced Richards' successor.
