Richard Brown stepping down after 4 years as CEO
From a press release yesterday after market close, Board of Directors announced it had agreed with Richard Brown to step down as the Group CEO by the end of 2023. The company did not include a specific explanation behind the departure, but we believe that the reason is not because of unappealing performance by Mr. Brown given that we assess the company has improved during his leadership. Over the last few years, the company has consistently signed Platform partnerships, fuelling the underlying SaaS growth, growing fast in the Media segment with a significant share of FTD's on rev-share contracts which is supporting the long-term outlook, while keeping cost control. The search for a new CEO for Platform and Sportsbook has commenced, and Richard Brown has agreed to stay until the end of the year to secure a smooth transition.
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