International betting technology business Sportech is undergoing inner restructuring in the wake of the company’s downsizing. As a result, Richard McGuire and Tom Hearne will be leaving their respective positions as chief executive officer (CEO) and chief financial officer (CFO). This was announced by Sportech this morning.
Sportech’s CEO and CFO Leaving
Sportech’s chairman, Giles Vardey, thanked the departing executives for their service to Sportech. “The Board is extremely grateful to Richard and Tom for their passionate leadership, their sourcing and executing of numerous corporate transactions and their dedication and commitment in implementing strategic objectives over several years,” he said.
Vardey said that this sentiment is shared by both the company and its stakeholders. The chairman proceeded to wish the two former leaders the best of luck in future endeavors.
McGuire also released a statement. Having served as CEO for two years, he had the responsible task of carefully scaling down Sportech for better realization of shareholder value. McGuire commented that he feels fulfilled as the company’s inner reforms have already come a long way.
“After several years of restructuring the business and pursuing a clear goal of realizing shareholder value where possible, that objective has been mostly achieved,” he said.
New Leaders Stepping in
In McGuire’s shoes will be Andrew Lindley. He used to be the company’s chief operations officer, but will now be rising to the rank of CEO. Sportech’s financial controller, Nicola Rowlands, in turn, will serve as the company’s new CFO.
McGuire and Hearne won’t be leaving immediately, however. They will help for the smooth transition of leadership and will work for the business until the end of 2021. McGuire said that it is the perfect time to pass down the reins. He believes that Lindley and Rowlands are perfect replacements who will continue driving Sportech forward.
“It’s been my honor to work with so many dedicated Company professionals, business partners and supportive shareholders and I look forward to supporting each, however required in the future,” McGuire concluded.
Industry followers are yet to see how Sportech will fare under the new leadership.
The company’s internal restructuring is a part of its process of business lines evaluation that comes with Sportech’s downscaling. This whole direction saw Sportech leave the London Stock Exchange (LSE) and transition to the smaller London AIM exchange.
Just a few weeks ago, Sportech revealed a tender offer with which it planned to return $49.2 million to shareholders.