GiG Chief Financial Officer Phil Richard resigns

Gaming Innovation Group (GiG) chief financial officer Phil Richards has announced his resignation from the company, shortly after it reported a 12% drop in third-quarter revenue.

Richards, who took up the post in July 2024, said in a LinkedIn post on November 2 that his departure took effect in October. In December, he will become CFO of Chaos, a company that builds design and visualization software.

GiG Software posted Q3 revenue of €8.5 million and has been cutting costs, with lower personnel spending saving €1 million in the quarter. Adjusted EBITDA for the quarter fell 33% to €0.8 million. On the earnings call, Richards said GiG had reduced its total workforce by more than 25%, relying on AI and efficiencies to maintain delivery, and indicated more savings were planned.

In his post, Richards described his time at the company as a period of real change.

Phil Richards, former Chief Financial Officer of GiG, said:

“I leave the business in excellent hands and will be following its progress closely.”

Richards previously spent close to six years at Kambi in finance leadership roles and has also worked at Corero Network Security, Shell, and KPMG. Over his time at GiG, the company completed its initial public offering and took majority control of 888AFRICA, which it expects to help double revenue in 2027.