Sportech CEO Ian Penrose resigns amid management restructure
Penrose to leave after 12 years at the London-listed firm as CFO Mickey Kalifa also announces his departure
Sportech’s long-serving CEO Ian Penrose has resigned from the company as part of a broader management restructure which will also see CFO Mickey Kalifa leave the firm.
Penrose, who will remain with the operator until 31 December, leaves Sportech after 12 years at the helm having originally joined the London-listed firm from Arena Leisure in October 2005.
During his tenure, Penrose helped the business secure the £97m gross receipt from its VAT litigation case, led the £83m sale of the Football Pools to private equity firm OpCapita and repaid £65m of debt.
“We would like to thank Ian for the tremendous job he has performed at Sportech,” Richard McGuire, non-executive chairman of Sportech, said.
McGuire added: “He presided over the transformation of the company from a UK focused business into a respected, fully licensed and regulated global gaming technology supplier and gambling operator in the US with a strong balance sheet.
“As chairman, I will be leading the strategic review process to ensure that the best path forward is delivered for shareholders.”
Sportech’s financial chief Mickey Kalifa also handed his departure after nearly 10 years at the company. His resignation from the board is effective as of today but he will remain with the company until 31 October.
Chair of the Audit Committee, Richard Cooper, will assume oversight of the finance function following Kalifa’s departure.
“Mickey led a remarkable transformation in the company’s financial strength as CFO and previously when Corporate Development Director, in prominently driving Sportech’s global expansion,” McGuire said.
“On behalf of the Board, I would like to thank him for his work over many years and wish him continued success in the future”.
Sportech said it launched a strategic review of the business following the resignations and will provide an update on the future of the management structure on 9 November.
The company’s share price was up 0.51% to 97.00p on the London Stock Exchange at the time of writing.