Richard Brown Steps Down as CEO of Gaming Innovation Group
Gaming Innovation Group Inc. (“GiG”) has announced the departure of Richard Brown from his position as CEO, effective immediately.
Brown will transition to a Board advisory role until December 31, 2023, as part of GiG’s strategic plan to split the company into two separate entities, enhancing growth opportunities and strategic flexibility.
Strategic Review and Leadership Transition
Earlier this year, GiG initiated a strategic review to restructure the company into two distinct businesses, each with unique business models. Richard Carter was appointed CEO for the Platform & Sportsbook business unit in August, while Jonas Warrer continues to lead GiG Media as CEO. The restructuring aims to accelerate growth for both businesses.
Petter Nylander, Chairman of the Board, will serve as Executive Chairman during the transitional period until the completion of the proposed split under the strategic review.
Supportive Handover and Future Growth
Richard Brown will assist in the transition to Richard Carter and provide ongoing support to the Board of Directors until the end of the year. This move allows the new CEOs to assume full operational responsibility while benefiting from Brown’s guidance.
Petter Nylander, Chairman of the Board, expressed satisfaction with the progress of splitting GiG into two distinct entities, stating “We are very pleased with the progression of splitting GiG into two distinct entities to enhance future expansion and drive shareholder value. We now have two strong CEOs in Jonas Warrer for Media and Richard Carter for Platform & Sportsbook with full operational responsibility for each business unit. Richard Brown has been instrumental in making this possible and the Board wants to thank Richard for his valuable contribution to GiG over the years. We are pleased that Richard will be available until year end to secure the succession”.
Richard Brown noted GiG’s strong strategic and operational position, stating “GiG is in a tremendous position strategically and operationally, and with Jonas and Richard now in place to drive the business units towards further success, it is a good time for me to move to a supportive but non-operational role until the end of the year.”
Richard Brown’s departure as CEO of GiG marks a strategic move in the company’s plan to split into two separate businesses. The leadership transition aims to optimize growth opportunities and strategic flexibility for both entities, positioning GiG for future success in the evolving gaming industry.