SBTech recruits new CEO as Zak steps down

Betting and gaming supplier SBTech has named Deutsche Bank analyst Richard Carter (pictured) as its new CEO following Itai Zak’s decision to quit the firm.

Carter, who currently runs the investment bank’s European equity gaming franchise, will begin his role on 1 March.

The outgoing Zak joined SBTech in 2011 and has overseen growth from just 50 employees to more than 500 today, while also building an impressive client list and geographical footprint across Europe, LatAm and Asia.

Zak informed the SBTech board of his plans to leave last July and he told EGR he would remain at the business in a consultancy capacity for a couple of months to ensure a smooth handover of chief exec responsibilities.

The supplier ran an extensive selection process during the second half of 2015 before handing the top job to Carter in December.

“After serving five years as SBTech CEO and leading this amazing company and amazing group of people I have decided it’s time for me to move to my next challenge,” Zak said.

“There is a need for a fresh outlook, fresh management and fresh vision to take this great company to the next level.”

According to UK newspaper The Times, the switch in management comes as the supplier prepares for either a sale or flotation of the firm, however Zak said no decision had been made as to the future of the company.

Carter said SBTech has a “clear strategy” for becoming the “industry’s most trusted and innovative sports betting software” firm.

“I look forward to leading the company as it grows and delivers for its customers, its people, its partners and its shareholders,” he said.