• Home
  • News
  • People
  • Bragg CFO Kannor to exit as strategic review continues
igamingnext photo
Bragg Gaming Group’s chief financial officer Ronen Kannor (pictured) has tendered his resignation to pursue other career opportunities.

The iGaming technology supplier confirmed it has now started the search for a replacement CFO.

Kannor’s resignation, effective as of 3 June, marks the end of his four-year stint at Bragg after joining in May 2020.

Bragg CEO Matevž Mazij highlighted that Kannor’s time at the company saw Bragg up-list to the Toronto Stock Exchange and dual list on the NASDAQ.

The former Stride Gaming CFO also oversaw the completion of two acquisitions and a three-year consecutive period of revenue, gross profit and EBITDA growth.

“We thank Ronen for his dedication and commitment to Bragg over the past four years and for his unwavering service as a pivotal member of the leadership team,” Mazij said.

Bragg mulls sale

Bragg is currently in the process of a review to explore strategic alternatives, including the possibility of a full sale of the business.

The supplier formed an ad-hoc special committee last month to evaluate the range of possible options, which could also include a merger or a new acquisition.

Kannor said: “It has been an honour to be part of the Bragg team which has successfully navigated many challenges and continued to deliver consistent growth over the past four years.

“I thank the board for their support throughout my time with Bragg, and I am now fully focused on ensuring a smooth handover to my successor.

“Special thanks goes to my finance team, who work tirelessly to deliver the positive change and financial growth that the company continues to achieve.

“I wish them and all of my colleagues continued success with Bragg now and in the future.”

Bragg’s review comes following a November open letter expressing frustration at the company’s low valuation.

Signed by Jeremy Raper, CEO of the second largest disclosed Bragg investor Raper Capital, the letter argued Bragg should consider a full sale to unlock shareholder value that the markets have failed to evaluate.

Raper said: “Suffice to say, the public markets have had plenty of opportunity to appraise our company’s growth story, over time, and yet the record demonstrates that it will not, or cannot, accord even the lower bounds of what most shareholders would consider fair value.”

Kannor’s resignation also comes in the aftermath of a difficult Q4 that saw Bragg revenue fall 1.4% from 2022.

The company pointed to a revised PAM agreement with Entain’s BetCity as responsible for the decline.

Similar posts