EEG announces Grant Johnson departure whilst Jones Blackhurst takes the Chair

EEG announces Grant Johnson departure whilst Jones Blackhurst takes the Chair

Esports Entertainment Group (EEG) has confirmed major senior leadership changes, as industry veteran Jan Jones Blackhurst takes the Chair on the firm’s Board.

The former Mayor of Las Vegas and ex-Executive Vice President of Caesars Entertainment assumes the position at the St. Julian’s, Malta-based esportsbook operator following the removal of Grant Johnson as Chairman and CEO on 3 December.

Following the removal of Johnson from leadership duties, EEG has stated that it has a ‘preferred candidate’ to fill the role on an interim basis, but added that it has also ‘identified several candidates’ for a permanent position, who are currently being evaluated.

“3 December was a sad day for me, as everyone now knows, I have been removed from EEG by the BOD,” Johnson remarked on Linkedin. 

“It was decided last Saturday, when it was felt I was uncooperative in some objectives of the BOD, to dismiss me so here I am on the outside looking in. Putting my deep disappointment aside I would prefer to focus on the positive elements.”

Johnson served as EEG CEO for eight years, overseeing the firm’s acquisition of sports betting brand BetHard for €16min 2021 followed by a successful listing on the Nasdaq and positive trading results in earnings calls.

However, the firm has faced some difficulties over the past year, detailing in its Q3 trading update back in May that liquidity concerns were impacting its bottom line performance, leading to a need to readjust its portfolio.

This reorganisation of its holdings saw the closure of the Vie.gg sportsbook website in the UK, Spain and New Jersey, followed by the withdrawal of SportNation and RedZone Sports from the British market.

Earlier this week, EEG received the positive news that it could continue operating as a Nasdaq listed enterprise, provided it remains compliant with certain standards.

These are that it must prove it is meeting the minimum bid price requirement by 7 February 2023 and the shareholder equity requirement of at least £2.5m by 31 March 2023, alongside ‘other conditions and requirements’.

Jones Blackhurst commented: “Grant recognized the value of esports and online gambling and founded EEG on that basis. On behalf of the Board, we wish him well.

“The Company is looking forward to bringing in new leadership to work with Board to realise the full potential of our acquired esports businesses.”

EEG will announce its interim CEO ‘in the coming days’, according to the firm.

 

Source: SBC News