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Toronto-listed Bragg Gaming Group has confirmed the departure of chief financial officer Akshay Kumar with immediate effect.

Kumar has stepped down as CFO for personal reasons and is replaced by Steven Prowse, former group finance director at PartyGaming and digital entertainment (now GVC Holdings).

During his time at PartyGaming, Prowse was involved in the company’s acquisition of Foxy Bingo and its €2.1bn merger with bwin in 2011.

“I would like to thank Akshay for his hard work and contributions to Bragg,” said Bragg Gaming CEO Dominic Mansour. “Our team wishes him all the best for the future.

“We also look forward to welcoming Steven to the Bragg team and believe his expertise with M&A in the sector will be extremely valuable during this pivotal time for the company.”

Prowse said of his new role: “I am delighted to join Bragg at such an early and exciting point in its growth trajectory. Bragg has market-leading technology, products and people. As such, I see enormous potential for this business and am very much looking forward to being a part of that growth.”

Shares in Bragg Gaming Group plc (CVE:BRAG) closed down 4.44 per cent at CAD$0.215 per share in Toronto Tuesday following the release of the company's third quarter results.