Sportech, UK-headquartered online gambling, and entertainment company has confirmed changes to its leadership board. Giles Vardey, who served as the firm’s independent non-executive chairman, is leaving his position today, Sportech announced.
Vardey Leaves the Company
Vardey has been a staple member of Sportech’s team ever since he joined the company in November 2017. His initial position was that of a non-executive director but he was eventually promoted in July 2019.
Vardey’s leave comes in the wake of Sportech’s decision to scale down its business. In July 2021, the company completed its transition from the London Stock Exchange to the smaller Alternative Investment Market. The next month, Sportech unveiled a tender offer, selling shares to return $49.2 million to stakeholders.
This move was followed by the leave of Richard McGuire and Tom Hearne who served as chief executive officer and chief financial officer respectively. Almost a year later, Vardey has decided to explore other options.
After Vardey’s leave, McGuire, the ex-CEO who is now serving as a non-executive director, will be appointed chairman of the company’s board.
Vardey Was a Treasured Member of the Team
Vardey shared that he feels truly gratified by his time as a member of the company. He is glad to have helped transform the business and to have “built a more robust platform and strong balance sheet for the future execution of the board’s strategic aims.”
Andrew Lindley, Sportech’s current chief executive officer, is thankful to Vardey for his passionate contributions to the company.
“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,” Lindley said.
McGuire lauded Vardey’s time in the company and the immense experience he had brought to the team. The to-be-chairman thanked Vardey for his professional input. McGuire added that he looks forward to working with the company’s board and continuing the core strategic initiative to make the business appealing to stakeholders.
Sportech continues its mission to reduce its operations and streamline its business. The company hopes to reach a more easily-manageable stage where it can focus on improving the quality of its products. The brand recently completed the sale of its interest in the Dominican Republic lottery. The buyer was Inspired Entertainment who put forward $14.5 million to close the deal. Sportech’s share price rose by five percent immediately after the completion of the agreement.