Global gaming technology and content provider Bragg Gaming Group announced that Paul Godfrey, chairman of its board of directors, has been appointed to the role of interim CEO of Bragg Gaming, effective November 15. Bragg founder and former Interim CEO Adam Arviv will take on the role of special adviser to the chairman and CEO.
Oryx founder and Vice Chair of the Board of Directors of Bragg Matevž Mazij will also play an integral role in the organization. Richard Carter will step down from the CEO role, effective immediately.
The board of Bragg Gaming has made the decision to embark upon a strategic review of the overall company, including the immediate restructuring of the CEO role. The company’s exceptional performance over the past six quarters includes consistently exceeding revenue and growth targets.
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 new CEO is required.
Godfrey has agreed to take on the role of CEO until a replacement is named. A renowned business leader and Canadian politician, Godfrey recently held the role of president and CEO of Postmedia Network and continues as chairman of Postmedia, a company he founded. HE also formerly was chairman of the Ontario Lottery and Gaming Corp., and was president and CEO of Major League Baseball’s Toronto Blue Jays. He is a recipient of the Order of Canada and of the Order of Ontario.
“While the global online gaming industry continues to grow exponentially, the North American opportunity is a game changer,” Godfrey said. “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.”
