Bragg Gaming Group’s chief executive officer, Matevž Mazij, is set to exit the company’s board of directors. The CEO agreed to resign from the board following strong investor backlash.
CEO Mazij Steps Resigns as Director
Bragg’s latest Annual General Meeting (AGM) saw shareholders vote in favor of removing Mazij from the company’s board. Of all shareholders, 55.67% agreed not to re-elect the Slovenian as a director, causing him to submit his board resignation.
However, Mazij will continue to serve as a director until his resignation offer is accepted, 90 days from its submission have elapsed, or a new director is appointed.
The vote reflects shareholder discontent due to the suboptimal condition of Bragg’s stock. For reference, the company’s shares cost $1.76 apiece as of the time of this writing. The company’s stock has been on a gradual decline for years, despite Bragg’s best efforts to streamline and bolster its business. The company has been trying to cut costs and reduce redundancies, but has been unable to fully stop the continued erosion of its share price.
In addition to that, Bragg decided to end its strategic review in 2024, causing some to lose confidence in the business and its direction.
To make matters worse, last August, Bragg announced that it was going to miss its FY 2025 guidance, causing a further loss of trust and, by extension, a decrease in Bragg’s share price.
To top it all off, Mazij previously reduced his shareholding from 17.7% to 13.55%, citing personal financial circumstances. Whatever the case, the fact that he offloaded a significant portion of the shares he owned didn’t encourage shareholders either.
As of the time of this writing, Bragg has yet to confirm whether Mazij will retain his CEO position after his resignation as director.
Bragg to Acquire Drayton International
In other news, Bragg recently set out to acquire Drayton International, a diversified gaming technology and content platform. According to Bragg, the acquisition will sharpen its focus, speed up its US growth, bolster its AI capabilities, and strengthen its revenue growth.
Bragg cited similar reasons for its earlier decision to introduce certain leadership changes. These included the appointment of Morten Tonnesen as chief operating officer and the promotion of Garrick Morris to EVP of global content for the US and Canada.