Sportech seeks new leadership duo as Penrose & Kalifa resign

Sportech Plc has this morning informed that Chief Executive Ian Penrose and Chief Finance Officer Mickey Kalifa have both notified the board of their ‘intentions to resign’ from company leadership.

The London-listed betting and racing systems provider informs that Penrose will maintain leadership of the company until 31 December assisting Sportech governance in its leadership transition.

Kalifa’s CFO resignation is undertaken with immediate effect, with Richard Cooper current Chair of Sportech’s Audit Committee taking over the firm’s finance divisions.

Sportech governance praised Penrose and Kalifa’s contribution to helping the ‘firm’s turnaround’. The executives had been key stakeholders in pursuing a £97 million tax rebate case against UK HMRC and had further managed to sell legacy asset the Football Pools for £83 million this May.

As leader of Sportech, Ian Penrose has refined Sportech operations and assets focusing the firm on developing its services and operations for the US racing market. Penrose commented on his departure

“I have enjoyed my time at Sportech in which the company has enjoyed a transformational period from a rapidly, and many thought terminally, declining UK business with debts exceeding £112m (€127.5m/$152.4m) and 5x leverage, into the business it is today.”

Richard McGuire, non-executive chairman of Sportech, commented on the executive departures: “We would like to thank Ian for the tremendous job he has performed at Sportech. 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.

“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.

“As chairman, I will be leading the strategic review process to ensure that the best path forward is delivered for shareholders”.