Following an independent committee review, the international online gaming company Intertain Group Limited announced its chief executive officer, John Kennedy Fitzgerald, will step down. The review committee had recommended the company seek a chief executive officer to shift it from an “acquisition asset to operational excellence.” Consequently, Fitzgerald said a search should begin for someone with the necessary skills to replace him.
“I have advised the board for some time that the longer term focus of our CEO should be on operations and I look forward to passing the baton when the board has identified the right person to lead us in the next stage of our growth. We have assembled a terrific group of industry leading assets and I am fortunate to work with strong executives in our operating businesses,” Fitzgerald said. Recruitment has begun for an “operationally focused chief executive” located in a European city, preferably closer to the company’s core operations.
The review committee also recommended moving more senior executives to Intertain’s Bahamas operations. As a result, Chief Financial Officer Keith Laslop will relocate to Intertain’s Bahamas office as a senior operational manager. An interim chief financial officer will be appointed soon.
The review committee also recommended Intertain cancel its management incentive plan, which the company has done. FitzGerald and Laslop voluntarily gave up payments due to them under the plan. They also agreed to severance packages reduced by 25 percent.
In addition, as a result of the review, Intertain has implemented enhanced corporate procedures and processes, including broader board approval requirements.
Intertain Chairman Stan Dunford said, “While the past few months have been hard for all of us, the strengthening of our management ranks for our growing and more complicated business, the recruitment of additional board skill sets to help strengthen our governance oversight and ultimately the addition of a CEO with a focus on operational excellence will all contribute to a better Intertain.”
Headquartered in Toronto, Canada, Intertain, through its subsidiaries, offers 150 casino games, including slots, blackjack, roulette, craps and baccarat under the InterCasino brand name; and online bingo games. The company also provides jackpots, table games and instant games and social gaming business.
