Sportech Plc has announced that Giles Vardey has decided to end his tenure as Non-Executive Chairman of the London AIM-listed wagering and racing systems supplier.
Last week, Vardey notified Sportech’s board of directors that he would not seek re-election as chairman of the company, a position that he had served since July 2019.
Former Sportech Chief Executive Richard McGuire (2019-to-2021) has agreed to succeed Vardey as Non-Executive Chairman and will be accompanied by the appointment of Clive Whiley as a Senior Independent Director.
Commenting on his appointment, McGuire remarked: “Giles brought more than 35 years of business and boardroom experience to the role and served the Company professionally at every stage.
“I very much look forward to working with the Sportech Board and wider team and continuing the core strategic initiative to generate attractive shareholder returns.”
Sportech governance praised Vardey’s chairmanship that saw the business undertake a transformational reorganisation by divesting non-core subsidiaries and reducing the overall size of company operations
Citing a significantly improved cost management structure, this April, Sportech declared FY2021 statutory profits of £35 million – profits that will be directly reinvested in the business to pursue new growth opportunities.
Andrew Lindley, CEO, said: “I would like to thank Giles for the energy and passion he has brought to the role as Chairman. He has steered the Group admirably during its recent and significant transformation as well as through the unprecedented trading challenges brought about by the pandemic.”