Nasdaq-listed lottery broker Lottery.com has appointed Matthew McGahan as its new chairman, alongside the appointments of Barney Battles and Naila Chowdhury as board members.
McGahan takes over as chairman from Richard Kivel, who became the latest board member to resign from the company’s board earlier this month, following the earlier exodus of his co-directors.
“My appointment as chairman comes at an important inflection point for the company,” said McGahan. “We are now seeking to recapitalize and engage in a revitalized growth strategy in a changed business environment.
“Lottery.com, Inc. has fine-tuned its management team, who work together with an outstanding, knowledgeable, and self-driven staff dedicated to operations, technology, revenue generation, and legal compliance.”
The company has also named two new board members, Barney Battles and Naila Chowdhury.
Battles is the former co-owner of Malta-based Jackpot Games, which was sold to a large German media group, and also served as a senior advisor to Rank Group.
Meanwhile, Chowdhury has 25 years of leadership experience in senior management in private, public, and non-profit organizations, and is co-founder and former CEO of Pillar 4 Dignity, which supports and empowers underserved women and girls worldwide who face social and economic challenges.
“I am extremely pleased to be working with a tech company that promises to deliver highly responsible and trusted services to its customers,” said Chowdhury. “I look forward to driving the company’s transformation into an ethical and secure workplace and working with the team who has a vision to fulfill it.”
Battles added: “I am committed to building and improving our services and enhancing our policies and procedures and financial discipline. I am delighted to join the board of a forward-thinking, proactive company committed to growth.”
Commenting on the appointments, Lottery.com CEO Sohail Quraeshi said: “I would like to welcome all the new directors to the board, and am delighted at Matthew’s appointment to chairman.
“Each of them brings considerable and relevant experience, which will substantially enhance our senior leadership team, compliance, CSR and strategic capability. These appointments are a crucial next step as we complete the turnaround of the business and implement a strategy for future growth.”
Shares in Lottery.com Inc (NASDAQ:LTRY) closed 0.23 per cent higher at $0.3012 per share in New York Friday, and gained a further 3.25 per cent to $0.3110 in after hours trading.