Apax Partners head to resign from Genius Sports’ board
Gabriele Cipparrone to step down on 8 April as supplier champions his role during recent “transformative period of growth”
Genius Sports has confirmed Apax Partners’ Gabriele Cipparrone will resign from the supplier’s board of directors following a recent reduction in former’s holdings in the company.
He will step down on 8 April after the private equity firm reduced its holdings in Genius Sports via a secondary sale on 1 April.
Cipparrone had sat on Genius’ board since Apax invested into the company in 2018 and remained in situ as it floated on the New York Stock Exchange (NYSE) in 2021.
Genius Sports said Cipparrone had “provided valuable insight and expertise as the company went through a transformative period of growth”.
The firm added that it was undergoing a “comprehensive search” for a new “highly qualified independent members” for the board to replace the Apax representatives.
Cipparrone’s departure as well as the further sale of holdings comes after Apax Partners confirmed it was planning to sell 20 million shares in the New York-listed firm in September, which sent Genius Sports’ share price sliding.
Explaining the decision to step down, Cipparrone said: “Genius Sports has been an excellent investment for the Apax Funds, and as the company reaches the three-year anniversary of its successful public listing on the NYSE, I feel confident in its long-term financial and strategic position.
“I look forward to the continued success of Genius Sports, as the company capitalises on its market-leading position and profitable growth.”
Mark Locke, Genius Sports CEO, said: “Gabriele, along with the entirety of the Apax team, have been tremendous partners over the six years since their investment and we thank them for the instrumental role they played in our growth and transformation.”
Locke added that in the three years since the firm went public, the group has moved from strength to strength as he was bullish on future growth.
“We have spent the last three years as a public company working very hard to cultivate a remarkable group of public equity investors who we are proud to call shareholders in Genius Sports,” he said.
“With further liquidity in our stock, we look forward to continuing to attract and to retain the type of thoughtful and long-term shareholders we are fortunate to call our partners today.”