Inspired Entertainmenthas announced that its Chief Finance Officer, Stewart Bakerhas left his position after the company failed to release its Q3 results on time.
Baker will serve as a consultant for the firm until he is replaced permanently.
The board of Inspired has already begun the search to find Baker’s successor on a permanent basis. They have also appointed Marilyn Jennifer interim CFO.
Jentzen has over 30 years of experience in financial and accountancy. He will oversee the Finance and Accounting functions and ensure compliance with the financial and accounting laws.
Brooks Pierce is the President and CEO of Inspired. He said: “We’re happy and lucky to have someone of Marilyn’s calibre step in as Interim Chief Financial Officer. Marilyn is an experienced, strategic executive who has a proven track record of leading multi-national finance departments at public companies.
She is in a good position to continue executing our financial priorities as the Board searches for a new CFO. “I’d like thank Stewart for all his years of dedicated service to Inspired Entertainment.”
Baker’s resignation comes amid a cloud of uncertainty that has hung over Inspired for the past few months, relating to the accuracy and timing of the company’s accounting and the publication of financial results.
It is not in compliance with exchange regulations because the firm did not submit its Form 10-Q before the deadline.
Inspired has 60 days under current plans to present its results. However, it can ask for additional time.
The firm currently has until January 22 to publish its results. However, if the plan is acceptable to the exchange, then it gets an extra 180 days until May. To comply with regulations, the firm has until May 7th to post its results.
If these conditions aren’t met, Inspired could be removed from the exchange.
KPMG also found that Inspired failed to disclose certain irregularities in its results audit, which it had not reported according to US GAAP.
The firm informed its shareholders, therefore, that it could no longer rely on the accuracy of the financial results at the end 2021 or 2022.
