Bragg Gaming Group announced Wednesday that Paul Godfrey, chair of the board of directors, has been named interim CEO, effective Nov. 15.
As a result, Richard Carter has relinquished his role as CEO, effective immediately. Founder and former interim CEO Adam Arviv will now be a special advisor to the chair and chief executive.
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The Toronto-based company decided a search for a new CEO was necessary, as the company’s “strong growth” over the past several quarters hasn’t been reflected in the public market despite its acquisitions of Oryx Gaming Group and Spin Games. The board is calling for strategic review of the company, and Godfrey has agreed to take on the role of CEO until a replacement is named.
“While the global online gaming industry continues to grow exponentially, the North American opportunity is a game changer,” Godfrey said in a press release. “Bragg’s technology and content is well-positioned to take advantage of this new market’s potential, and although Bragg’s operations have continued to outperform over recent quarters, the capital markets strategy has not translated into shareholder value.”
Godfrey a natural choice
Godfrey’s resume is extensive, to say the least. The former chair of the Ontario Lottery and Gaming Corporation is also serving as chair of Postmedia, a media conglomerate company he founded that is best known for its Financial Post and National Post publications. He’s well-known in the Ontario politics, business, and sporting scenes, and previously held the positions of publisher and CEO of Sun Media, and president and CEO of Canada’s only Major League Baseball franchise, the Toronto Blue Jays. Additionally, he’s a recipient of the Order of Canada and the Order of Ontario for his political and business contributions.
Godfrey was shockingly fired from his role with the OLG in May of 2013, prompting the entire board to walk out with him. His plans to open a casino in downtown Toronto were heavily opposed by federal politicians, ending his three-year run as the OLG’s chair. He wasn’t given a reason for his removal, but the government at the time was skeptical of his modernization plan for gaming in the province.
Legislation was passed in Ontario in August that allowed for single-event sports betting in the province. The OLG’s PROLINE + platform currently holds a monopoly on legal sports betting in the province.
Bragg Gaming Group, founded in 2018, is a global gaming technology and content company in the iGaming industry. It offers aggregated casino content through its wholly owned subsidiary, Oryx Gaming. The company is traded on the NASDAQ and TSX. It has operations in Europe, North America, and Latin America, and recently launched its Oryx operating platform in the newly regulated Dutch market.
Photo: Nick Turchiaro/USA TODAY