Sportech has revealed that chief executive Ian Penrose and chief financial officer Mickey Kalifa have informed the company’s board of their intention to resign.
Penrose will remain in his role until December 31 and while Kalifa’s resignation is effective from today (Monday), he will remain with the firm until October 31.
Sportech said both Penrose and Kalifa will assist in an “orderly transition in the coming months”, with Richard Cooper, currently chair of the audit committee, will assume oversight of the company’s finance function.
“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,” Sportech’s non-executive chairman Richard McGuire said.
“Mickey led a remarkable transformation in the company’s financial strength as CFO and previously when corporate development director, in prominently driving Sportech’s global expansion.”
Speaking about his departure, Penrose said: “I have enjoyed my time at Sportech in which the company has enjoyed a transformational period from a rapidly, and many thought terminally, declining UK business with debts exceeding £112m (€127.5m/$152.4m) and 5x leverage, into the business it is today.”
Kalifa also said: “I have been with Sportech for eight years and have thoroughly enjoyed my time at the company and driving the group’s successful financial turnaround.
“However, I believe it is time to move to the next stage of my career. I am very confident that Sportech will continue to deliver value for shareholders and customers alike.”
Sportech intends to provide an update on its strategic review and the future management structure during a trading update on November 9.
McGuire added: “As chairman, I will be leading the strategic review process to ensure that the best path forward is delivered for shareholders.”