Playtech chair resigns after almost four years in the role

Playtech chair Brian Mattingley has resigned from his role with the FTSE 250 business after almost four years of leading the board.

The 73-year-old will remain in situ for “a few months” to help oversee the succession plan and ensure an “orderly handover to his successor”.

Mattingley was named Playtech chair in March 2021, joining the B2B and B2C firm after a lengthy career at 888 (now evoke), in which he served as both chair and CEO.

The exec’s time as Playtech chair has been characterised by significant corporate shifts, including last year’s decision to sell Italy-facing B2C brand Snaitech to Flutter for €2.3bn.

The sale, which is expected to complete in Q2, will also see management afforded a €100m aggregate bonus pool, of which CEO Mor Weizer could be entitled to €50m alone.

Other significant deals under Mattingley’s watch include the revised terms of Playtech’s agreement with its Mexican JV, Caliplay, after a lengthy legal dispute came to an end with fellow parent Caliente.

While those two transactions will be marked as wins for shareholders and management, Mattingley’s reign wasn’t without difficulty.

In October 2021, supplier Aristocrat had agreed a £2.7bn deal to acquire Playtech in a move which would have created one of the largest B2B firms in the world.

However, the deal ultimately collapsed amid a lack of shareholder enthusiasm and other rival bids entering the mix.

Then, in an unexpected turn, Weizer teamed up with Hong Kong-based investment firm TT Bond Partners to launch a takeover bid, which also fell by the wayside.

In December 2023, reports emerged that 888 (now evoke) had rejected a £700m bid from Playtech.

With that move having failed to come to pass, and an effort to snap up SKS365 in Italy scuppered by Lottomatica, Playtech took the decision to pivot to purely a B2B focus.

During his spell as chair, Playtech’s shares have risen around 70%.

On Mattingley’s departure, a company statement read: “Playtech would like to express its sincere appreciation and gratitude to Brian for his significant contribution since joining the board in 2021.

“During Brian’s tenure as chair, he has overseen a period of strong financial performance and strategic progress, including, most recently, the revised strategic agreement with Caliplay and the disposal of Snaitech, which, on completion, will result in the company’s transformation into a predominantly pure-play B2B business.”

Sky News has reported that recruitment firm Egon Zehnder International has been retained as the chief headhunter to source Mattingley’s replacement.

Speaking on his exit, Mattingley said: “It has been an absolute privilege to serve as chair of Playtech and to help steward the company through an important phase of growth and transition.

“I am proud of the milestones we have achieved as Playtech prepares to embark on a new chapter as a predominantly pure-play B2B business.

“It is with that in mind that I feel now is the right time to step down.  I would like to thank my fellow board members, the leadership team and, above all, the wider Playtech family for their passion and commitment.”

Playtech CEO Weizer added: “Brian has been an outstanding chair, offering invaluable guidance, constructive challenge and unwavering dedication to the team during a time of significant transformation at Playtech.

“We have benefitted enormously from his strong relationships across the industry, and his depth of knowledge and experience. His presence on the board will be greatly missed, and we wish him the very best.”

Elsewhere, Playtech reaffirmed that non-executive director Anna Massion would step down on 28 February, with the process to replace her underway.

Meanwhile, Samy Reeb has been named as chair of the remuneration committee from 1 March, replacing Massion.

The business will also merge it regulatory and compliance and the sustainability and public policy committees to provide “combined oversight of these key areas”.

Arnold Ash is EGR’s Executive Recruitment Partner. They support ambitious organisations to identify and attract industry leading executive talent. Find out more here.