Bragg Gaming Group appoints Paul Godfrey as interim CEO
Richard Carter’s short reign comes to an abrupt end in managerial reshuffle following strategic review of overall company
Bragg Gaming Group has appointed its chairman and former chair of Ontario Lottery Gaming Corp, Paul Godfrey as interim CEO as Richard Carter steps down with immediate effect after just six months in the hot seat.
The reshuffle in the igaming supplier’s management resulted from a strategic review of the overall business, including the immediate restructuring of the CEO role.
Despite Bragg Gaming saying its “exceptional performance” in the past six quarters consistently exceeded revenue and growth targets, the firm highlighted how peers continue to trade at significantly higher multiples and “strong growth has yet to be reflected in the company’s public market performance”.
“This led to the board deciding a new CEO is required,” the statement read.
Carter, who arrived at Bragg Gaming as chairman in October 2020 following a four-year spell as CEO of sports betting supplier SBTech, took up the role of CEO in May 2021.
Godfrey, a Canadian politician who recently held the role of president and CEO of Postmedia Network, a company he founded, has agreed to take on the role of CEO until a replacement is named, while Matevž Mazij will become special advisor to the chair and CEO.
Godfrey said: “While the global online gaming industry continues to grow exponentially, the North American opportunity is a game-changer.
“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,” he added.
Earlier this month, Bragg Gaming recorded a 9.9% year-on-year rise in Q3 revenue and raised full-year revenue guidance.