Esports Entertainment Group announced Michael Villani’s appointment as Chief Financial Officer on a permanent base.
Since January, when Damian Matthews stepped down, Villani is serving as the interim CFO for Esports Entertainment. After serving as the financial controller for the group for over two and half years, he is now promoted to this new position.
He spent nine years at KPMG before joining the group. He worked here as both director and management for accounting advisory services.
Villani also worked for Tiresias, Harman International, and AIG Financial Products Corp.
Alex Igelman, CEO of Esports Entertainment, said: “We’ve seen Michael’s leadership skills and his operational and financial abilities first-hand as we restructured our company in the last few months.
“He has improved our balance sheet by divesting or closing non-core businesses to streamline operations and increasing operational efficiency across the company.
Michael is an important member of our team. We look forward working with him to execute our long-term strategic plan with a focus to grow long-term shareholder values.
The appointment follows Matthews’ return in June to his former role as COO. Matthews remained a board member, a role he held since June 2020 despite leaving the company earlier this year.
Esports Entertainment has plans for B2C expansion as well as divestment.
In April, Igelman announced the company’s B2C expansion plans and divestment initiatives.
The group is in financial trouble and has admitted “doubts” about its ability to continue in business. The SportNation and RedZone brand names ceased to trade in the UK. Former CEO Grant Johnson left after rumours were swirling about its future.
Igelman conducted a review of the company and coordinated it with an action plan, after being appointed in January. He stated that the group would now concentrate on expanding its B2C offering, specifically through Idefix.
He also mentioned multiple divestment attempts, many of them taking place in this year. Igelman stated that the sales were made to “streamline” their operations, which included the sale of Bethardin February.
Esports Entertainment also decreased its employee count by over 37% in this year. The staff headcount has dropped from 158 down to 99.
