XLMedia on the hunt for new CEO after Stuart Simms resigns
Former Rakuten chief steps down after more than two years with affiliate to “pursue other interests”
XLMedia CEO Stuart Simms has resigned from his position at the Jersey-based affiliate.
Simms, who joined XLMedia in October 2019 from Japanese e-commerce site Rakuten when he replaced former CEO Ory Weihs, will remain with the firm over the next few months to “facilitate an orderly handover”.
He will continue to support the executive team and company board during the transition process.
XLMedia confirmed it was undertaking a formal executive search to find the new CEO with a remit of building on Simms’ work over the previous few years.
During his time as CEO, Simms oversaw a raft of M&A activity at the affiliate.
As part of the group’s North American expansion strategy, XLMedia acquired Saturday Football, Sports Betting Dime and CBWG Sports for more than $60m.
Elsewhere, Simms built out his senior leadership team during his tenure with the hires of former Sky Betting & Gaming finance director Caroline Ackroyd as CFO and Nigel Leigh as chief information officer.
Simms said: “During my time at XLMedia, and with the support of my team, we have been able to deliver substantive, tangible change; de-risking the core business whilst moving the company’s operational focus towards the growing North American sports market – creating a strong asset base capable of delivering shareholder value for many years to come.”
Julie Markey, XLMedia interim chair, added: “I would like to thank Stuart for his contribution to XLMedia through a very challenging period in our history. He departs having expanded our sports footprint in North America, a key strategic focus. I, on behalf of the board, wish him all the very best for the future.”
Markey is set to be replaced by media veteran Marcus Rich as the affiliate’s chair.
Last month, the affiliate announced revenue of $66.5m (£50.8m) for full-year 2021, a year-on-year increase of 21%.