Richard Brown has announced that he will be stepping down as the chief executive officer of Gaming Innovation Group, ahead of schedule. A new leader is in line to take over.
Brown leaves the position today, 18 September. He will now be a GiG board advisor until the end of December.
The departure was officially announced by GiG in May. GiG said that Brown would be leaving the CEO position at the end of 2023. In January 2024, he will be to Glitnor Group.
Brown was appointed CEO in November 2019, after serving as Chief Operating Officer and Chief Digital Officer. He has also worked as the managing director of GiG Media.
Brown has worked for Highlight Media Group, Web Guide Partner, and THG Sports before joining GiG.
GiG is moving closer to its planned split
Brown’s departure came shortly after GiG announced , a strategic review and the idea to split its business. The GiG Media affiliate division, Platform and Sportsbook would become separate entities.
Richard Carter, former CEO of SBTech , was appointed last month to lead Platform and Sportsbook Division. Jonas Warrer will continue as CMO and head the GiG Media division. Petter Nylander, the chairman of GiG Media, will now serve as executive chairperson until the proposed separation is completed.
Brown, as part of his agreement to leave the company, will assist Carter in the transition and continue to support the GiG Board until the end the year. GiG claims that this will give both CEOs a mandate to move their respective businesses forward.
GiG said last month that it hopes to complete its proposed split in the first half 2024.
It’s a good time to retire
Brown stated that GiG was in a great position both strategically and operationally. Brown said that with Jonas and Richard in place, the business units are now well-positioned to achieve further success. It is the right time for me move into a non-operational but supportive role until the end the year.
Nylander continues: “We are pleased with the progress of splitting GiG into separate entities to enhance future growth and drive shareholder value. Now we have two CEOs who are fully responsible for the operations of each business unit.
Richard has played a key role in this. Richard’s valuable contributions to GiG are acknowledged by the board. “We are happy that Richard will still be available to secure succession until the end of the year.”
GiG’s revenue reaches record levels in Q2
Brown’s departure follows a successful second quarter for GiG. revenue reached a record high during this period of EUR34.9m ($37.2m/PS30.0m).
The revenue for the six-month period ending 30 June increased in both GiG Media, Platform and Sportsbook. GiG Media in particular performed well, driven by record-high publishing revenues.
GiG Media generated EUR21.7m in revenue, a 46.6% increase and new record. Platform and Sportsbook revenue increased by 27.4% in Q2 to EUR9.3m.
The bottom line net profit reached EUR7.1m for the third quarter, an increase of 317.7% over last year. The adjusted EBITDA also increased by 68.7%, to EUR14.0m.
GiG’s first-half performance was a 36.7% increase in revenue to EUR64.8m. The net profit was EUR11.5m – 283.3% more than the H1 of 2023. Adjusted EBITDA rose 71.3%, to EUR25.7m.