Malta-based Glitnor Group has confirmed that CEO David Flynn will stand down from the role and move to a board role within the company in early 2023.
Flynn will hand over his CEO responsibilities to co-founder Jorgen Nordlund on an interim basis until a permanent replacement has been appointed.
“With our continued strong growth aspirations in mind, I’ve decided that now is the time to look further ahead for Glitnor and make a change which, I believe, will help take Glitnor, and everyone involved, to the next level.
“Thus, with the full support of our founders and board, I shall move to a group board role where I will continue to develop our long-term strategy and support our operational management. After 20 years in iGaming I really believe that my experience will better serve the group as a member of the board supporting the incoming CEO, as we continue to grow and expand the business.”
Glitnor Group board chairman Dan Andersson: “It is now good timing to make such a change as we strengthen the board in preparation for the stock market, given financial market sentiment turning more positive in 2023. We look forward to having David working actively in the board.”
The change will allow Flynn to continue driving the firm’s strategy while bringing in new talent to its executive management team, “ideally with public market experience aligned to our stated growth roadmap of a listing,” Flynn told iGaming NEXT.
Flynn also expects the move to bring about a more balanced lifestyle between work and family, and “will also enable perhaps a little more time for other investment projects I have been involved in over the years both within and outside of the iGaming sector,” he added.
Dan Andersson, chairman of the board at Glitnor Group, commented: “In our quest to reach excellence and make it possible to continue our growth at such a rapid pace, David has been absolutely key in developing the group and taking the next step in our growth plan.
“It is now good timing to make such a change as we strengthen the board in preparation for the stock market, given financial market sentiment turning more positive in 2023. We look forward to having David working actively in the board.”Glitnor Group revealed earlier this week that a previously announced acquisition of affiliate business KaFe Rocks would not go ahead as a result of poor economic conditions.
Outgoing Glitnor Group CEO David Flynn: “It was and still is our intention to list the business and continue the journey of being one of the fastest growing iGaming businesses in the market. Changes in macro economics have of course delayed these plans, but our strategy in this respect continues.”
iGaming NEXT understands that the acquisition was intended to be one step on the road to a US public listing for Glitnor through use of a special purpose acquisition company, but that between signing the agreement and executing the deal, changes in economic conditions meant a listing was no longer feasible for the business.
The firm subsequently revealed that it had established a new venture capital arm, Glitnor Ventures, aiming to provide early-stage funding to innovative iGaming products.
The arm was set up “in response to market needs” for venture capital, the group said at the time.
Flynn told iGaming NEXT that his move to a board position within the company was not related to other recent events and has been “a plan in the background for some time.”
He added that: “Glitnor has built a very solid foundation within the iGaming space. It was and still is our intention to list the business and continue the journey of being one of the fastest growing iGaming businesses in the market. Changes in macro economics have of course delayed these plans, but our strategy in this respect continues.”
