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Angel Hristov January 9, 2023 3 min read
Damian Mathews Resigns as EGG’s CFO and COO
Damian Mathews resigned from his positions as CFO and COO of Esports Entertainment Group amid strong headwinds for the company
Esports Entertainment Group (EEG), a full-stack esports and online betting company, saw Damian Mathews resign from the positions of chief financial officer and chief operating officer. A temporary replacement CFO was appointed until a suitable successor is found.
Mathews Will Remain a Director
Esports Entertainment Group emphasized that Mathews’ departure was not caused by an internal conflict of any sort. In addition, it pointed out that the employee will continue his work as one of the company’s board members.
Matthews joined the company in March 2022. He was expected to help the company mitigate its losses and bolster its revenues. Sadly, even with his expertise, the CFO failed to prevent EEG’s continuous fall.
While Mathews’ departure was not caused by a disagreement with the company, it may have been prompted by the recent difficulties faced by Esports Entertainment Group. The company has been struggling with its finances because of huge operating losses. As a result, EEG was forced to close some of its brands and yet, its future still remains uncertain.
EEG managed to avoid getting delisted in December but must now increase its share price by the next month or otherwise it may be forced to leave the Nasdaq. Unfortunately, EEG has so far failed to boost its shares. On the contrary, the company’s share price has been declining since.
The ongoing hurdles already caused the departure of other notable EEG executives, including the resignation of Grant Johnson as the company’s chief executive officer in late December 2022. For reference, he was succeeded by Alex Ingleman, whose addition to the company was announced a week ago.
Villani Will Serve as Interim CFO
Following Matthews’ leave, EEG named Michael Villani as interim chief financial officer. The latter has been working as a financial controller at the company since the beginning of 2021 and is well-familiar with its team and business.
Until a replacement for Matthews is found, Villani will serve both as interim CFO and a financial controller. He will leverage his experience to hopefully help EEG recover and stay on the Nasdaq.
Still, EEG will likely have to scale back its iGaming business and may be forced to sell some of its assets. It was already forced to close its Vie.gg Esportsbook in NJ, Spain and the UK. It also had to close the sites under Argyll. Furthermore, EEG announced its intentions to sell its online casino operations in Spain but is yet to proceed with these plans.