Phil Richards has stepped down from his position as chief financial officer of Gaming Innovation Group (GiG) after a tenure of two and a half years. He announced via a LinkedIn post that October marked his last month with the company and is set to join the design and visualization software firm Chaos as CFO in December.
His departure took effect on November 2, as confirmed by GiG. The company is currently putting transition arrangements in place to ensure continuity in finance, reporting, and regulatory oversight during the search for Richards’ successor. He will be available to assist during this handover period while the board initiates the appointment process.
Richards joined GiG as CFO in July 2024. Before his time at GiG, he was with Kambi, a gambling technology supplier, for nearly six years, where he held senior finance roles. He has also served as CFO at Corero Network Security and held senior positions at Shell and KPMG.
Richard Carter, GiG’s CEO, acknowledged the significant impact Richards had during his term. "On behalf of management and the board, I would like to thank Phil for his contribution to GiG," Carter remarked. He noted Richards’ essential role in the company’s financial reporting, investor relations, and corporate development activities, wishing him success in his future endeavors.
Reflecting on his time at GiG, Richards expressed pride in the company's achievements, stating, "It has been a period of real change for GiG and one of which I’m immensely proud. We refined our focus on the platform business while improving financial reporting and investor engagement, culminating with the acquisition of a majority stake in 888Africa." This acquisition, announced in August, represented GiG’s first foray back into the B2C gaming sector in several years, with plans to acquire an 80% stake in Evoke’s 888Africa for up to €16.4 million.
In an interview with iGB in September, Richards described the acquisition as providing GiG a "strategic bridgehead" for its core B2B business. He emphasized the value of owning a leading local operator to gain insights into regulatory developments, player behavior, and payment infrastructure across various African markets, insights that are challenging to obtain externally.
As of now, GiG has not announced a successor to Phil Richards.
