Playtech will be rejigging things around at the top of the hierarchy after the current Chief Financial Officer Andrew Smith confirmed he intends to stand down from his position later this month.
Smith who has been with the gambling tech giant for seven-and-a-half-years, and had also served as the head of investor relations, revealed he will be moving away from the company for personal reasons.
This will see Chris McGinnis, who has been serving as Playtech’s deputy of investor relations and strategic analysis since November 2018, assume his new post when Smith leaves.
In terms of the financial impact, the news seemed to have struck a positive note in the markets as Playtech’s stock price shot up by 1%.
Speaking about Smith’s departure, Playtech chairman Brian Mattingley said: “On behalf of the board, I would like to thank Andy for the contribution he has made to Playtech over the past seven years and in particular since taking over as CFO in 2017.
“Andy has played a crucial role at the company, helping to steer the business through the pandemic, including delivering a record half-year performance in H1 2022, and leading the recent successful refinancing of Playtech’s external debt in light of the upcoming bond maturity.
“We wish him all the best in his future endeavours.”
Although this represents a big shake-up at board level for Playtech, the company has gone from strength to strength as a software developer. It has been steeped in the world of online casinos for a long time, and it has pushed the needle with the types of games it has produced.
Indeed, many of their leading titles, such as Age of Gods and Gladiator are widely available at the most reputable online casinos that will be licensed and provide quick payment. These games are highly immersive, and they are packed with plenty of features to keep players entertained.
Moreover, some of the finest operators, such as LeoVegas Casino will not only have a proven track record for being slots specialists, but they will also boast some of the best casino bonuses in UK. This will include free spins as well as no deposit wager spins, and they have over 2,000 slot titles in their library.
Discussing McGinnis’ promotion, Mattingley added: “I’m delighted that Chris will be joining the board as CFO. In addition to his deep knowledge of Playtech and the sector he brings a strong set of financial and strategic skills that will be invaluable as the company looks to deliver further growth.
“I am very much looking forward to continue working with him as we execute against our strategy in the coming years.”
Playtech announced that revenue had soared by over 70% in the first half of the year, and it will be fascinating to see what ideas McGinnis brings to the table.
Nevertheless, Playtech is in a healthy position moving forward, and there will be a stream of gaming titles hitting the production line in the months to come. The change at the company should certainly be viewed as a key turning point, and we will watch how things unfold with great interest.