Phil Richards, the Chief Financial Officer of Gaming Innovation Group (GiG), has stepped down after serving the company for two and a half years. In a LinkedIn announcement made on Monday, Richards declared that October marked his final month with GiG and confirmed he will be joining Chaos, a design and visualization software company, as CFO starting in December.
His departure officially took effect on November 2, as confirmed by GiG. The company has already implemented transition arrangements to ensure continuity in finance, reporting, and regulatory oversight during its search for Richards’ successor. He will assist during the handover period, while the board initiates the appointment process for a new CFO.
Richards was appointed CFO of GiG in July 2020. Prior to joining the firm, he spent nearly six years in senior finance roles at Kambi, a gambling technology supplier. His background also 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 time with the company, stating, "On behalf of management and the board, I would like to thank Phil for his contribution to GiG. 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."
Richards reflected positively on his tenure at GiG, emphasizing the significant changes the company underwent. He noted, "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 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 was a notable event during Richards’ time at GiG. Announced in August, it was the company's first move back into the B2C gaming market in recent years, involving an 80% stake acquisition in Evoke’s 888Africa for up to €16.4 million. Richards previously described the acquisition as providing GiG with a "strategic bridgehead" into its core B2B business, offering essential insights into regulatory developments and player behavior in various African markets.
Currently, GiG has not announced a successor for Richards.
