Issuing a market filing this morning, Stockholm-listed Gaming Innovation Group (GiG) has moved to replace Group Chief Executive Robin Eirik Reed with immediate effect.
Updating investors, GiG governance said Reed has officially departed the firm’s executive leadership team as of 5 September and will be replaced by GIG Chief Operating Officer (COO) Richard Brown as interim CEO.
The company confirmed that it has begun executive search functions for Reed’s replacement, which will be overseen by corporate Chairman Petter Nylander.
A member of GiG’s enterprise founding team, Reed has served as the firm’s CEO since 2009. Under Reed’s stewardship, GiG established an aggressive M&A growth strategy, acquiring multiple assets to establish its B2C and B2B verticals.
Reed’s growth strategy would see GIG undertake its first IPO on the Oslo Bors in 2015, with the company completing a transfer to the larger Stockholm Nasdaq this year.
Petter Nylander, Chairman of the Board of GiG, commented: “Robin has played a crucial part in building a unique one-stop global technology provider and we all owe him our sincere gratitude for this. However, the company now enters into the next phase of its development with different challenges and opportunities and the Board has reached the conclusion that GiG therefore also needs a different leadership.
“We have a skilled management team in place, I and the Board have full confidence in the Chief Operating Officer Richard Brown, who will be acting CEO of GiG from today.”
Further to its update, GiG confirmed that Nylander would ‘increase his engagement’ with the company, leading the firm’s leadership succession plans and executive management team.
Nylander continued: “The strategy of GiG remains unchanged; to be the global operator and partner for strong brands in iGaming, with a sweetspot in taking an offline casino brand to a strong online offering, as we have with SkyCity and Hard Rock. We are focusing on securing potential contracts within the B2B Platform services and on servicing our many customers with fully managed and component solutions.
“We will continue the development of the Media services and the sportsbook, not least to leverage GiG’s opportunities in the US. We will also continue driving the B2C Gaming operators with a focus on growth in new markets.”