Richard Carter will step down from his role as CEO of Bragg Gaming, effective immediately, amid what the group calls “a strategic review of the overall company”.
This has seen Paul Godfrey, chair of the group’s board of directors, become appointed to the role of interim CEO of Bragg Gaming, effective November 15, 2021.
Alongside this, company founder and former interim CEO Adam Arviv will take on the role of special advisor to the chair and CEO, with Matevž Mazij, Oryx Gaming founder and vice chair of the board of directors of Bragg, to also play “an integral role in the organisation”.
The firm says that the decision to embark upon a company-wide strategic review, including the immediate restructuring of the CEO role, is due to the company’s “continued strong growth” yet to be reflected in its public market performance.
Furthermore, despite acknowledging an “exceptional performance over the past six quarters includes consistently exceeding revenue and growth targets,” Bragg adds that “peers continue to trade and transact at significantly higher multiples”.
Godfrey, a former chair of Ontario Lottery and Gaming and recipient of the Order of Canada and of the Order of Ontario, has agreed to take on the role until a permanent replacement is named.
He is also lauded as a renowned business leader and Canadian politician, as well as being the founder of Postmedia in 2010 and has held the role of president and CEO of Postmedia Network, where he continues to act as chair.
“While the global online gaming industry continues to grow exponentially, the North American opportunity is a game changer,” said Godfrey.
“Bragg’s technology and content is well-positioned to take advantage of this new market’s potential and although Bragg’s operations have continued to outperform over recent quarters, the capital markets strategy has not translated into shareholder value. Developing this alignment will be our top priority and absolutely requires a strategic review.”