Inspired Entertainment has announced a significant change to its top management structure, resulting in the formation of the Office of the Executive Chairman. It will comprise executive chairman Lorne Weil; president and chief operating officer Brooks Pierce; executive vice president and chief strategy officer Daniel Silvers; and executive vice president and chief financial officer Stewart Baker.
In the same announcement, it was confirmed that Luke Alvarez, president and CEO of the Inspired Group, will part company with the organisation under terms yet to be finalised. The Office of the Executive Chairman will execute the day-to-day management of the company with immediate effect.
On the departure of Alvarez, Weil commented: “I am grateful to Luke for his leadership of Inspired since its founding and during its rapid growth in its inaugural year and a half as a public company. We will miss him, and we wish him every success”. The Inspired Board adds its thanks and best wishes. Alvarez’s previous responsibilities will be divided among the members of the Office of the Executive Chairman.
Simultaneously, the company has pre-announced certain summary unaudited financial results for Q2 of its 2018 fiscal year ended March 31, 2018. Based on its initial assessments, it estimates that consolidated revenue for that quarter will be circa $37.5m, representing an increase of approximately 33.5 per cent over the the comparable period in the prior year, and that consolidated adjusted EBITDA for Q2 will be approximately $12.4m, approximately 43.4 per cent ahead of Q2 2017. These estimates, it claimed, exceed the quarterly results that the company budgeted for itself in 2017, at the beginning of its 2018 fiscal year.
Weil concluded: “I believe the outlook for the company is strong and I look forward to continuing to work with the leadership team, the board and our incredibly talented employees as we execute on our strategic priorities as a best-in-class company and leader in our industry.”