Sportech CEO quits post after nine months

Sportech is seeking to appoint its third chief executive in less than a year after current CEO Andrew Gaughan informed the board of his intention to leave the betting technology supplier.

The company announced this morning Gaughan had decided to step down after nine months in the job to “pursue other interests”, with his official handover date marked down as 28 February 2019.

The decision comes just one week after Sportech shares plummeted by 15% as the group warned adjusted earnings would be 5% to 10% lower than market expectations.

Gaughan was promoted to the CEO role in March after more than eight years at Sportech in various roles including managing director and president of Sportech Racing.

Gaughan said: “I leave the group in a position of strength with an established core global betting technology business that is well placed to take advantage of the opportunities that the US sports betting market presents.

“I have enjoyed my time at Sportech over the past eight years and I wish Sportech every success in the future,” he added.

Sportech non-executive chairman Richard McGuire will temporarily take charge as interim executive director and confirmed the board will begin searching for Gaughan’s successor shortly.

McGuire, who will relocate to Sportech’s US base in Connecticut, said: “The board thanks Andrew for his significant contribution to the group, and for leading Sportech as CEO over the past year.

“I will be working closely with Andrew in the coming months, and as of the end of February we wish him well for the future.”