London-listed sports betting provider Sportech has confirmed that Andrew Gaughan will be stepping down as chief executive at the end of February.
Gaughan took over the CEO role in March but has informed the company’s board of his intention to step down as a director. He will leave the group on February 28th 2019 following an orderly handover period to pursue other interests.
Gaughan joined Sportech Racing (previously Scientific Games Racing) in 2004 as managing director of Europe. He was appointed to the Sportech board in January 2017, and took over as CEO earlier this year following a strategic review undertaken by the company.
"I have enjoyed my time at Sportech over the past eight years, and I leave the group in a position of strength with an established core global betting technology business and well placed to take advantage of the opportunities that the US sports betting market presents,” said Gaughan. “I wish Sportech every success in the future."
Sportech non-executive chairman Richard McGuire will take over as interim executive chairman with immediate effect. McGuire has been with Sportech since 2016 and will relocate to the group's US base in Connecticut.
"The board thanks Andrew for his significant contribution to the group, and for leading Sportech as CEO over the past year,” said McGuire. “I will be working closely with Andrew in the coming months, and as of the end of February we wish him well for the future."
Sportech will now commence a process to identity and appoint a new CEO. The company also confirmed that it is progressing with the appointment of an independent non-executive director, with further updates to be made in due course.
Shares in Sportech plc (AIM:SPO) fell by 6.47 per cent to 38.30 pence per share in London Tuesday following the announcement.