Oslo-listed gaming operator and B2B supplier Gaming Innovation Group (GIG) has announced the appointment of Richard Brown as chief executive officer effective immediately.
Brown has served as acting CEO of the company since September, when the board decided to replace former CEO and co-founder Robin Reed, having previously served as chief operating officer.
Brown’s appointment comes after a short, rigorous evaluation and selection process to identify a permanent chief executive, with the operator opting to hand the role to Brown due to his effective stewardship of the business as acting-CEO.
Brown joined GiG in February 2017 as managing director of the media business and was promoted to chief digital officer and subsequently chief operating officer.
Prior to joining GiG, Brown worked in various senior and directorial roles at companies such as Highlight Media Group, Web Guide Partner and THG Sports.
"The Board is delighted to appoint Richard Brown as the CEO of GiG,” said GiG chair Petter Nylander. “He is the best person to drive the necessary changes and provide leadership as the company now enters the next phase of its development. The gambling industry is experiencing a challenging period of structural change. However, it is still backed by fundamental strong underlying growth and we need to plan and position ourselves to be most relevant to our partners and end users in order to benefit and accelerate our sustainable growth.
“The strategic intent of GiG remains unchanged; to be the global operator and partner for strong brands in iGaming, with a sweet spot in taking an offline casino brand to a strong online offering,” Nylander added. “I am convinced that Richard will be able to create significant shareholder value by releasing the company's full potential."
Commenting on his new role, Brown said: "I am delighted to accept the position of CEO for Gaming Innovation Group, having worked here for the past four years I see a massive potential for the company. While industry headwinds may have dampened progress in 2019, I am extremely excited about the future potential of the group and this new phase of the company's life cycle. My focus will be on delivery, execution and optimisation, putting us on a path for great focus and renewed growth."
One of Brown’s first tasks will be to initiate a strategic review to identify value-creation opportunities within the business and to improve efficiency.
Shares in Gaming Innovation Group (OSL:GIG) were trading down 13.19 per cent at NOK6.65 per share in Oslo Wednesday morning, setting a new 52-week low of NOK6.50 per share earlier in the day after the company reported a fall in third quarter revenue.