New York and Toronto-listed Bragg Gaming has appointed former OLG chairman Paul Godfrey as interim chief executive.
Godfrey currently serves as chairman of the gaming supplier and assumes the role of interim CEO with immediate effect, replacing Richard Carter, who has led the business since March.
Godfrey is a former chairman of the Ontario Lottery and Gaming Corporation (OLG) and former president and CEO of the Toronto Blue Jays baseball club, and also currently serves as executive chairman of Postmedia.
He will be assisted by Bragg founder Adam Arviv, who will take on the role of special advisor, with Oryx founder and Bragg vice chairman Matev Mazij also playing an integral role within the organisation.
The board of directors of Bragg attributed the management change to the relatively weak market performance of the company’s shares, despite six quarters of higher-than-expected revenue and growth.
“While peers continue to trade and transact at significantly higher multiples, Bragg’s continued strong growth has yet to be reflected in the Company’s public market performance, and the Board has determined that a search for a new CEO is required,” said the board.
“While the global online gaming industry continues to grow exponentially, the North American opportunity is a game changer,” added Godfrey. “Bragg’s technology and content is well-positioned to take advantage of this new market’s potential and although Bragg’s operations have continued to outperform over recent quarters, the capital markets strategy has not translated into shareholder value. Developing this alignment will be our top priority and absolutely requires a strategic review.”
Shares in Bragg Gaming Group Inc. (TSE:BRAG) closed 10.58 per cent lower at CAD$8.79 per share in Toronto Monday.