Bragg Gaming Group, the global gaming technology and content provider, announced that it has initiated a strategic review of the overall organization. As a result, the company said that Richard Carter has stepped down from his role as CEO.
Richard Carter Steps Down as CEO
Carter was appointed in May this year, but his position was now filled by Paul Godfrey, who is chair of the board of directors at the company. Effective from November 15, 2021, Godfrey has filled in the position of Interim CEO, until the company names a replacement.
Additionally, Bragg said that its founder and former interim CEO, Adam Arviv, will take the position of a special adviser to the chair and CEO. The company acknowledged that Matevž Mazij, who is a vice-chair of the board of directors and Oryx founder, will also play “an integral role in the organization.”
Richard Carter will step down from the CEO role, effective immediately.”Bragg Gaming Group
The latest move comes at a time when the company announced its third-quarter revenue report. Last week, Bragg unveiled that its revenue increased by 9.9% for the third quarter of 2021, hitting $14.5 million (€12.8 million). In contrast, Bragg’s Q3 revenue last year halted at $13.2 million (€11.7 million).
In that line of thought, the company acknowledged that it has seen “exceptional performance over the past six quarters” that included “consistently exceeding revenue and growth targets.” However, Bragg’s board of directors stressed that its peers continue to trade “at significantly higher multiples,” which is a prime reason why the company chose to seek a new CEO.
Bragg Is Well-Positioned to Take Advantage of the North American Gaming Market
In a statement, Godfrey commented on the topic by saying that the global gaming industry continues to grow at a rapid rate. Moreover, he deemed the North American market represents an opportunity that is a game-changer. Godfrey acknowledged that Bragg’s content and technology are “well-positioned to take advantage of this new market’s potential.”
However, he stressed that despite the overwhelming results, the company’s capital market strategy hasn’t “translated into shareholder value.” In conclusion, Godfrey stressed that developing this field will be a key priority during this strategic review.
Godfrey has previously founded Postmedia. He has served the company as president and CEO and currently, he is acting as a chair. Other high-ranking positions he has held include Sun Media, where he served as a publisher and CEO. Godfrey was also a part of Toronto Blue Jays as president and CEO.