Sportech has confirmed that CEO Richard McGuire and CFO Tom Hearne will step down next month as it scales back its operations.
UK.- The betting technology provider Sportech is downsizing its operational structure, with current chief executive Richard McGuire and chief financial officer Tom Hearne both to step down in September.
The announcement comes following an operational review with an eye to reduce the group’s scale following the disposal of some assets. It sold its Global Tote Business to Australia’s BetMakers in June and its digital raffles division Bump 50:50 to Canadian Banknote in February
Both executives will depart after the release of interim results on September 9. They will remain available to support the business until the end of the year. Sportech said.
McGuire will be replaced by Andrew Lindley, Sportech’s current chief operating officer. Group financial controller Nicola Rowlands will be promoted to the role of CFO.
Sportech chairman Giles Vardey said : “The board is extremely grateful to Richard and Tom for their passionate leadership, their sourcing and executing of numerous corporate transactions and their dedication and commitment in implementing strategic objectives over several years. They leave their roles with the thanks and gratitude of many people in the company and our stakeholders.
“We are also looking forward to working with Andrew and Nicola, who are very familiar with the business and its markets and welcome them to the board.”
McGuire said: “After several years of restructuring the business and pursuing a clear goal of realising shareholder value where possible, that objective has been mostly achieved.
“Given the major changes in the Company’s business and structure, I believe that now is the right time to hand over the leadership reins to Andrew and Nicola.”
Last month, Sportech began trading shares on AIM, the sub-market of the London Stock Exchange for small and medium-size growth companies.
The company said it had switched from the Financial Conduct Authority’s Official List to gain “greater flexibility” for corporate transactions.
For 2020, Sportech reported a 41 per cent drop in revenue to £45.7m, down from £64.7m in 2019.