Gaughan set to stop down as Sportech chief executive

Gaughan set to stop down as Sportech chief executive

Tuesday, November 13, 2018 Posted by News Team
Finance
CEO set to leave after 14 years with the company, despite only taking on role in March

Sportech is on the hunt for a new chief executive after Andrew Gaughan informed the board that he will step down from his role early next year.

Gaughan is to leave the operator on February 28th, with the process to identify and appoint his replacement to launch imminently.

He leaves after more than a decade with the company, having joined Sportech Racing as European managing director in 2004, joining the operator’s board in 2017, then becoming CEO in March this year.

However, his tenure has coincided with a period of uncertainty for the business. Last week Sportech warned that full-year earnings were likely to miss projections by up to 10%, as a result of the company failing to secure a number of expected sales contracts.

"I have enjoyed my time at Sportech over the past eight years, and I leave the Group in a position of strength with an established core global betting technology business and well placed to take advantage of the opportunities that the US sports betting market presents,” Gaughan said. “I wish Sportech every success in the future."

As a result of Gaughan’s resignation Sportech’s non-executive chairman Richard McGuire will become interim executive chairman with immediate effect. McGuire has sat on the Sportech board since 2016, and will relocate to the company’s Connecticut offices.

He will work closely with Gaughan until February to ensure an orderly transition.

"The Board thanks Andrew for his significant contribution to the Group, and for leading Sportech as CEO over the past year,” McGuire said. “I will be working closely with Andrew in the coming months, and as of the end of February we wish him well for the future." 

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