Corporate Moves: CEO Dermot Smurfit departs GAN

GAN has announced the resignation of its long-serving CEO, Dermot Smurfit, (in photo above), who has been with the company for 21 years. His resignation, effective 25 September 2023, means he steps down from the role of chief executive and director. GAN is considering a potential consulting role for Smurfit, who remains a major stockholder in the company.

In the interim, Seamus McGill, formerly the chairman of the board at GAN and a board member since 2014, has been appointed as the interim CEO. McGill brings over 25 years of experience in gaming and tech, most recently serving as the president of JOINGO, a mobile software company in San Jose, California. His annual base salary will be US $500,000, and he will oversee all executive functions at GAN, including leading the company’s strategic roadmap.

GAN initiated a formal strategic review in Q4 2022, with ongoing evaluation of non-binding indications of interest, though no transaction agreements are currently in place.

In Q1 2023, GAN reported a 6.3 percent year-on-year decline in revenue to US $35.1 million, attributed to reductions in both its B2B and B2C business segments. This reduction in B2B revenue stemmed from renegotiated contractual rates with its largest customer, FanDuel, resulting in Q1 adjusted EBITDA of nearly zero, down significantly from the US $3 million reported in Q1 2022. GAN Limited (GAN) is currently trading at US $1.25, representing a 15.74 percent change.

Smurfit’s background

Smurfit’s early years were shaped by his experience of being sent to boarding school at a young age. He observed that individuals who had undergone a similar experience tended to excel as independent individuals at university, particularly during their initial years. He gained a law degree from Exeter University and practised law in London before he ventured into fintech. This transition exposed him to diverse sectors and this is when he started his career in iGaming. At that time he says that it became evident to him that the industry held immense promise, with decades of growth prospects on the horizon.

Related topics:

Stop Press: SiGMA CURAÇAO, held in association with the Ministry of Finance, is taking place from 25 -28 September.

A national controversy – no end in sight for Okada Manila