November 24, 2022 3 min read


GAN CFO Flores Departs, Chang Named Interim CFO

GAN, a leading provider of gambling software, will part ways with a member of its leadership team. Karen Flores, currently serving as the company’s chief financial officer, will vacate her seat on November 25.

Flores Has Resigned as GAN’s CFO

Flores’s resignation will see her depart from GAN after more than two years with the company. Thanks to her extensive experience, the CFO helped the company evolve as a publically-listed company.

Flores’s experience stems from her years as a financial specialist for various notable companies. Her career saw her start as a senior cost analyst at The Clorox Company before joining Microsoft as a financial analyst in 2000.

She worked for various companies over the years, including a five-year tenure as director of financial planning and analysis at Napster. Flores later had a three-year tenure as the head of finance of Music JV at the social media giant Myspace.

In 2011, Flores joined Makes Studios, where she worked as senior vice president of finance. After that, she served as senior director of financial planning and analysis at The Walt Disney Company and afterward joined Alorica as a vice president of financial planning and analysis.

CEO Smurfit Wished Flores All the Best

Dermot Smurfit, GAN’s chief executive officer, spoke about Flores’ leave. He thanked her for her exceptional work as a member of the company and wished her all the best in her future endeavors.

Karen’s leadership and financial acumen have been critical parts of GAN’s evolution to a US-listed public company as well as our, at times, complex acquisition of Coolbet in early 2021. I am deeply appreciative of Karen’s dedication to GAN and wish her all the best for the future.

Dermot Smurfit, CEO, GAN

Following the announcement, GAN confirmed that it is now looking for a new chief financial officer to replace Flores. Until the company finds a worthy successor to Flores, Brian Chang, GAN’ senior vice president and corporate controller, will serve as an interim CFO.

In August, GAN parted ways with Anders Karlsen who served as its B2C president.

GAN Suspended FY Guidance

In other news, GAN recently suspended its fiscal year guidance amid suboptimal Q3 results and uncertainties. While the company’s metrics didn’t plummet, they weren’t exactly thrilling either, causing the GAN leadership to doubt whether it is capable to meet its targets.

The overall economic conditions didn’t help the firm either as the growing market uncertainties made it even more difficult to make forecasts. In addition, currency fluctuations affected the company’s financial results in Q3, sparking even more doubts about the FY results.


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