Esports Entertainment Group has declared the permanent appointment of Michael Villani as their Chief Financial Officer.
Esports Entertainment Group has revealed that Michael Villani will assume the permanent role of Chief Financial Officer. Villani has been serving as the company’s temporary CFO since Damian Matthews stepped down in January. He was elevated to this new position after two and a half years as the company’s Controller.
Prior to joining Esports Entertainment Group, Villani was employed at KPMG for nine years. During his tenure there, he served as a Director and Manager in accounting advisory services.
Villani also held positions at Tiresias Capital, Harman International, and AIG Financial Products.
“We have observed Michael’s leadership and operational and financial abilities during the company’s restructuring process over the past few months,” stated Alex Igelman, CEO of Esports Entertainment.
“He has been pivotal in enhancing our financial position, divesting or discontinuing non-core business operations to streamline operations, and improving operational efficiency throughout the company.
“Michael is a valuable asset to our leadership team. We anticipate continuing to collaborate with him to execute our long-term plan, with a focus on generating long-term shareholder value.”
This appointment follows Matthews’ return in June, where he resumed his previous role as Chief Operating Officer.
Despite departing from the organization earlier this year, he still maintains a board position, a role he has held since June 2020.
The esports entertainment firm is undertaking a consumer-to-consumer expansion and divestiture plan.
Back in April, Chief Executive Officer Igelman shared the company’s consumer-to-consumer expansion plans and outlined its divestiture efforts.
The group has been facing challenges since May 2022, acknowledging that there are “concerns” about its ability to continue operating in the coming year. In November, the SportNation and RedZone brands ceased trading in the UK, while former Chief Executive Officer Grant Johnson left the company amidst speculation about his future.
Igelman conducted a review of the company after his appointment in January and aligned it with a course of action. He stated that the group will now concentrate on expanding its consumer-to-consumer products, particularly through its Idefix platform.
He also mentioned several divestitures, many of which have already been finalized this year. Igelman stated that these sales were to “streamline” its operations, including the sale of Bethard in February.
Esports Entertainment also reduced its workforce by over 37% this year. The number of employees has now been decreased from 158 to 99.
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