Xanadu Consultancy, the holding company of online betting exchange Matchbook (Matchbook.com) has confirmed that Mark Brosnan has chosen to step down as Chief Executive.
Brosnan’s decision will see Xanadu’s CFO Farzad Peyman fulfil CEO leadership duties on an interim basis.
Moving forward Xanadu confirmed that Brosnan will continue to serve as a company director to support the firm in developing its new B2B capacity and advise leadership on technology projects and commercial strategies.
Brosnan has served as CEO since 2013, leading the development and relaunch of the new Matchbook betting exchange platform, whilst also expanding Matchbook’s technology and engineering teams from HQ in Cork, Ireland.
Peyman commented: “We are enormously indebted to Mark for everything which he has done for this business over the last 16 years.
“Mark is a fantastic business leader who operates with tremendous authenticity and warmth. He has navigated the business through an amazing growth journey and leaves behind a market leading technology stack which is built for scale and business primed for growth.”
Since 17 February, Matchbook has been suspended by the UK Gambling Commission (UKGC) as a result of an investigation into its operating company Triplebet related to ‘serious AML failings’.
Publishing its investigation findings in April, the UKGC stated that Triplebet had ‘failed to monitor business relationships‘ and undertake proper due diligence checks on members of gambling syndicates.