Appointment of Chief Financial Officer
Playtech Limited
"Playtech" or "the Company"
Directorate Change
Appointment of Chief Financial Officer
Playtech Limited, (AIM:PTEC) the international software and content provider to the online and land-based gaming industry, is pleased to announce that it has appointed David Mathewson as its Chief Financial Officer (CFO) with effect from the date of the Company's Annual General Meeting, 25 May 2011.
Mr. Mathewson, a Chartered Accountant, has enjoyed an accomplished career in corporate finance and in broader commerce, much of which gained in the international leisure and gaming industries. He was previously Director of the respected UK merchant bank Noble Grossart Limited from 1989 to 2000 and advised on a wide range of corporate advisory and financing mandates for leading companies in the private and public markets.
Until May 2010, Mr. Mathewson was the Senior Independent Director at Edinburgh UK Tracker Trust plc, where he served on the Board for 12 years. Mr. Mathewson has also served on the board of NASDAQ and LSE-listed Rodime plc (renamed Sportech plc following the acquisition of Littlewoods Pools Limited) for 13 years and was its Chairman until 2006. He joined the Board of Playtech on 10 June 2010 as a Non-Executive Director and as Chairman of its Audit and Risk Committees.
The Board believes that Mr. Mathewson has demonstrated his capability for the CFO role by being an active Chairman of the Company's Audit and Risk Committees. As a dynamic Non-Executive Director, Mr. Mathewson has sought engagement with the business and made a notable and highly positive impression on the senior management team. He has been closely involved in senior finance and management issues including reviewing the financial due diligence necessary for the acquisition of Playtech Turnkey Services Limited (PTTS), the recently announced affiliates transaction, a role he will extend through overseeing its integration and completion.
Commenting on the appointment, Playtech's Chief Executive Officer, Mor Weizer, said:
"I am delighted that David has decided to join Playtech's Executive team. He is an ideal appointment as he comes to the role with an in-depth understanding of the enlarged Playtech business and its management. In what is set to be a transformational year for Playtech, David's breadth of international experience at Board level will be invaluable to us, particularly in relation to financial oversight and corporate governance. When combined with his deep City relationships and a deal-making background in the gaming sector, David's appointment puts us in a strong position to continue to take the business forward."
Mr. Mathewson, 63, takes on the role from Shuki Barak, to whom the Board extends its sincere thanks and gratitude for his service as an Executive Board Director for the past five years. His tenure as Chief Financial Officer was a period marked by very significant growth of the business and Mr. Barak was instrumental in many of the acquisitions and ventures of the business. Mr. Barak, who will step down from the Board on 25 May 2011, will continue to play a key operational role for Playtech, leading a wide range of commercial negotiations.
Following Mr. Mathewson's appointment the Company will seek to appoint a new independent Non-Executive Director with suitable experience to chair the Company's Audit and Risk Committees and will update the market as appropriate. Alan Jackson, independent Non Executive Director will temporarily take up the role as head of the Audit and Risk Committees until such time as a new appointment can be made.
- Ends -
For further information contact:
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Playtech Ltd Roger Withers, Chairman Mor Weizer, Chief Executive Ross Hawley, Director of Investor Relations c/o Pelham Bell Pottinger
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+44 (0) 20 7861 3232
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Collins Stewart Piers Coombs / Bruce Garrow
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+44 (0) 20 7523 8350
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Deutsche Bank Andrew Smith
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+44 (0) 20 7545 8000
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Pelham Bell Pottinger David Rydell / Olly Scott / Guy Scarborough |
+44 (0) 20 7861 3232
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David Mathewson, age 63
David Mathewson joined the Board of Playtech on 10 June 2010 as an independent Non-Executive Director and Chair of the Audit and Risk Committees having previously been the senior independent director at Edinburgh UK Tracker Trust plc from 2006 until May 2010. Mr. Mathewson was also a non-executive director of two start-up companies involved in online gaming software and is a member of the advisory board at Silverstate Capital Advisors, a US private equity fund.
Mr. Mathewson is formerly a Non-Executive Director at Robertson Group Limited, a private Scottish construction group, and formerly Chairman and Non-Executive Director of Asian Growth Properties Limited, AMZ Holdings plc and Sportech Plc.
In accordance with Rule 17 and Paragraph (g) of Schedule 2 of the AIM Rules for Companies, further information in relation to the appointments is set out below:
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Present directorships and/or partnerships: |
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* China Kiosk Network Limited
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Former directorships and/or partnerships (within the last five years): |
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* Robertson Group Limited * Robertson Homes Limited * Edinburgh UK Tracker Trust plc * Ifafa Tech Inc, * GFED Games Ltd * GFED International Ltd * Asian Growth Properties Ltd * AMZ Holdings plc * Corsie Group plc * Talk 107 Edinburgh plc * Geared Opportunities Income Trust * Murray VCT plc * Martin Currie High Income Trust plc * Goit Zeros 2008 plc
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Details of administrations: |
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* Corsie Group plc o David Mathewson resigned from his role as a Non-Executive Director of Corsie Group in April 2008 o Corsie Group went in to administration in May 2008 o In July 2008, Corsie Group was sold out of administration to a consortium led by its principal sports goods supplier, Australian company Henselite o Following a name change, the Group continues to trade today
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At the date of his appointment as a Director, Mr. Mathewson did not own any ordinary shares in Playtech.
No further disclosures are required under Schedule 2(g) of the AIM Rules for Companies.
About Playtech
Playtech develops unified software platforms and content for the remote and land-based gaming industry. Leading gaming applications include casino, poker, bingo, sports betting, live gaming, casual and fixed odds games. Playtech provides licensees with the tools to maximise cross-selling opportunities, player loyalty and yield, all through the powerful management interface - the IMS. The system's fully integrated, cross-platform capability enables players to access online, broadcast, mobile and server-based gaming terminals, through a single account.
New licensees include existing online operators upgrading or diversifying their offering, land based casino groups, government sponsored entities such as lotteries, and new entrants making their online gaming debut, particularly in the newly regulated markets.
Founded in 1999, Playtech is headquartered in the Isle of Man and has over 1,000 employees located in development centres in five countries, the majority of whom are engaged in research and development of current and future gaming technologies.
This information is provided by RNS
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