Having joined the company in 2003, Smurfit became CEO in 2010.
GAN has vowed to explore a potential consulting role for Smurfit, who remains a major stockholder in the Nasdaq-listed business.
GAN has since moved to appoint Seamus McGill as the firm’s interim CEO.
The 72-year-old previously served as chairman of the board at GAN and has been a member of the board of directors since 2014.
McGill boasts more than 25 years of experience in gaming and tech, and most recently held the role of president of JOINGO, a mobile software company in San Jose, California.McGill also spent five years at Aristocrat Technologies as COO. Prior to that, he helped orchestrate the sale of Cyberview Technology to IGT while serving as president.
McGill will receive an annual base salary of $500k and will assume leadership of all executive functions at GAN, including leading the supplier’s strategic roadmap.
GAN opened a formal strategic review in Q4 2022.
A company SEC filing confirmed that GAN will continue evaluate non-binding indications of interest in the business, although there are currently no transaction agreements in place.
GAN’s Q1 2023 revenue slipped by 6.3% year-on-year to $35.1m as the business reported reductions across both its B2B and B2C business segments.
The reduction in B2B revenue was the result of a renegotiation of the company’s contractual revenue rates with its largest customer in that segment, US market leader FanDuel.
This left the business with Q1 adjusted EBITDA of close to zero, at just $39,000. That represented a significant decline from the $3m in adjusted EBITDA reported in Q1 2022.