Sportech Plc names Richard McGuire as non-executive chairman

McGuire, Sportech’s former CEO, will succeed Giles Vardey in the role.

UK.- The London AIM-listed betting and racing systems supplier Sportech has announced that its former CEO Richard McGuire will replace Giles Vardey as non-executive chairman. McGuire served as chief executive of the company from 2019 to 2021.

Vardey has decided not to seek reelection to a position he took up in July 2019. Sportech praised Vardey’s chairmanship, under which the company divested non-core subsidiaries and reduced the size of its operations.

McGuire said: “Giles brought more than 35 years of business and boardroom experience to the role and served the company professionally at every stage. I very much look forward to working with the Sportech board and wider team and continuing the core strategic initiative to generate attractive shareholder returns.”

Andrew Lindley, CEO, said: “I would like to thank Giles for the energy and passion he has brought to the role as chairman. He has steered the group admirably during its recent and significant transformation as well as through the unprecedented trading challenges brought about by the pandemic.”

Meanwhile, Clive Whiley has been appointed as a senior independent director.

Sportech launched on the London Stock Exchange’s AIM in July last year. It made the change to gain “greater flexibility” for corporate transactions, allowing the business to agree and execute transactions faster and with improved cost-effectiveness. McGuire and CFO Tom Hearne stepped down two months later as the company scaled back its operations. 

In April, Sportech reported statutory profits of £35m for 2021 thanks to reduced costs. It said the profits will be directly reinvested into the business to find new growth opportunities.