Bragg Gaming Group announced Ronen Kannor’s resignation as Chief Financial Officer (CFO).
Kannor’s departure from Bragg will be official on the 3rd of June. He will step down from his position as CFO in order to pursue career opportunities outside of the company.
Kannor joined Bragg May 2020 and has been in this role since then. He was the group CFO of Stride Gaming Group from 2005 to 2020.
Kannor was a property manager for several years before he joined the gambling industry. He worked for Inspired Real Estate and VC Development Group, among others.
Bragg has confirmed that it is already in the process of searching for a new CFO.
Kannor stated, “It’s been a privilege to be a part of Bragg which has overcome many obstacles and delivered consistent growth for the last four years.” I thank the Board for its support during my tenure with Bragg. Now, I’m focusing on making sure that my successor receives a seamless handover.
Special thanks go to my team of finance professionals who have worked tirelessly for the growth and positive changes that Bragg continues to experience. “I wish all my Bragg colleagues and myself continued success in Bragg’s future and now.”
Matevz Mazij, Bragg’s CEO and Board Chair added: “We are grateful for Ronen’s dedication to Bragg and his commitment over the last four years. We also thank him for his unwavering leadership as an integral member of Bragg.
“The company underwent a huge transformation during his tenure as the CFO. The company has been dual-listed on Nasdaq, uplisted at the Toronto Stock Exchange and completed two successful acquisitions. All this while reporting years of consecutive revenue, gross profits and adjusted EBITDA increases.
We wish Ronen the best of luck in all his future endeavors.
Bragg considers possible sale
The confirmation of Kannor’s imminent departure comes during a period of potential significant change for Bragg.
The provider revealed last month that it was considering several options, such as a partial or full sale of its business. Bragg could also consider a merger or new funding, as well as further acquisitions.
Bragg formed a committee that will review the alternatives available for its business. There is no deadline set by Bragg to finish the review.
Bragg has also released its results up to the 31st December 2023. The business had mixed results for the past year. However, the most notable was a 9.8% increase in revenues to EUR43.6m ($47.2m/£37.4m).
Bragg highlighted the importance of content agreements with major operators like Betsson and PokerStars. Through partnerships with Microgame and Caliente, the group entered into new markets including Mexico.
Bragg also said that it was continuing to expand its market share in the existing ones, with a focus on the US, UK and Spain.
Expenses, however, were higher across the board. This offset the revenue growth and pushed the company to a net loss increase of EUR5.0m.
The adjusted EBITDA increased by 25,6%, to EUR15,2m.
