Bragg Gaming CFO to depart in June

April 9, 2024 7:36 PM
Photo: CDC Gaming illustration
  • Mia Doyle, Special to CDC Gaming Reports
April 9, 2024 7:36 PM
  • Mia Doyle, Special to CDC Gaming Reports

Game developer Bragg Gaming has announced that Chief Financial Officer Ronen Kannor will leave the company on June 3.

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“It has been an honor to be part of the Bragg team, which has successfully navigated many challenges and continued to deliver consistent growth over the past four years,” Kannor said. “I thank the board for their support throughout my time with Bragg. I am now fully focused on ensuring a smooth handover to my successor.  Special thanks go to my finance team, who work tirelessly to deliver the positive change and financial growth that the company continues to achieve. I wish them and all of my colleagues continued success with Bragg now and in the future.”

Kannor joined Bragg Gaming in 2020 and served as the company’s CFO for four years and previously was group CFO at Stride Gaming Group for nearly six years. His departure comes at a potentially crucial time for the company, as the developer recently announced it is considering a sale and confirmed it had appointed a special committee to consider strategic alternatives for its future.

“We thank Ronen for his dedication and commitment to Bragg over the past four years and for his unwavering service as a pivotal member of the leadership team,” Bragg CEO Matevž Mazij said. “During his tenure as CFO, the company has undergone a huge positive transformation. This includes being uplisted to the Toronto Stock Exchange, dual listed on the Nasdaq and successfully completing two acquisitions, all while reporting consecutive years of revenue, gross profit and adjusted EBITDA growth. We wish Ronen all the very best in his future endeavors.”

In 2023, Bragg Gaming generated $100.5 million in revenues, a 10.4 percent year-over-year increase. Full-year gross profits rose by 10.8 percent year-over-year to $53 million. Still, the company reported a net loss of $5.4 million because of higher costs. The company confirmed that it has begun a search for a new CFO.