Ainsworth Game Technology chairman and company secretary resign amid payment controversy
Media reports alleged that Gladstone and Ludski received personal payments after AGT’s ownership transition in 2018.
Australia.- Ainsworth Game Technology Limited has announced the resignation of chairman, Danny Gladstone and company secretary Mark Ludski with immediate effect following media reports about alleged historic payments made to the executives. AGT said the executives have stepped down to allow it to move beyond what it described as “distracting complaints”.
The ASX-listed gaming company confirmed the departures in a filing today, saying the decision followed recent media attention over payments made to the pair after the company’s ownership transition in 2018. Reports had alleged that Gladstone and Ludski received about AU$10m (US$7.14m) and AU$5m (US$3.5m) respectively, prompting scrutiny of governance and disclosure practices.
The company has appointed independent non-executive director Graeme Campbelll as chairman. Campbell has served on the board since 2007. He will also join the regulatory and compliance committee, now chaired by Heather Scheibenstock.
The company named chief financial officer Lynn Mah as interim company secretary, while Andrew Kabega of BoardRoom Pty will serve as interim joint company secretary and ASX liaison on compliance matters.
AGT said it iill appoint an additional independent non-executive director in due course. The development comes after Kjerulf Ainsworth, son of the company’s founder and its second-largest shareholder, increased his stake to 9.55 per cent. Kjerulf has long been a critic of AGT’s leadership.
