The chief executive and chief financial officer of Sportech Plc have resigned as the online gambling and entertainment company gears up for a “comprehensive” review of the business and its capital structure.
The resignations of CEO Ian Penrose and CFO Mickey Kalifa follow what the company describes as a successful turnaround in the business. Penrose will remain with Sportech until 31st December while Kalifa will stay in his current position until 31st October to ensure a smooth transition.
The London-listed sports gaming and technology company said Richard Cooper, currently chair of the Audit Committee, will assume oversight of the finance function.
Under the leadership of Penrose and Kalifa, Sportech secured £97 million gross receipts from a VAT litigation case, modernised and sold the Football Pools, repaid £65m of debt and returned £21m to shareholders.
“We would like to thank Ian for the tremendous job he has performed at Sportech. He presided over the transformation of the company from a UK focused business into a respected, fully licensed and regulated global gaming technology supplier and gambling operator in the US with a strong balance sheet,” said non-executive chairman Richard McGuire.
He added: “As chairman, I will be leading the strategic review process to ensure that the best path forward is delivered for shareholders.”
Sportech, which operates technology solutions for some of the world’s best known gaming companies, sports teams and racetracks, will provide an update on its strategic review and the future management structure on 9th November.