On Tuesday, Playtech (LON: PTEC) announced the decision of its Chief Financial Officer and Executive Director, Andrew Smith, to step down from his position, citing “personal reasons.” He will be replaced by Chris McGinnis, who is currently Playtech’s Deputy CFO and Director of Investor Relations.
Smith’s last day at the company will be on 28 November, which is the same day McGinnis will take over the CFO and Executive Director role.
Smith has been a part of Playtech for the past seven years and nine months. He joined the London-headquartered company in March 2015. He was a lawyer by training and previously worked for Temenos, Deutsche Bank, ABN AMRO Bank, Ashurst and the Financial Services Authority (now FCA).
“On behalf of the Board, I would like to thank Andy for the contribution he has made to Playtech over the past seven years, and in particular since taking over as CFO in 2017,” said Playtech’s Chairman, Brian Mattingley.
“Andy has played a crucial role at the Company, helping to steer the business through the pandemic, including delivering a record half-year performance in H1 2022 and leading the recent successful refinancing of Playtech's external debt in light of the upcoming bond maturity.”
Indeed, the company's revenue climbed by 73 percent to €792.3 million in the first six months of 2022, whereas debt refinancing is expected to save €20 million annually.
The New CFO
According to his Linkedin profile, McGinnis joined Playtech in June 2017 and has been the Deputy CFO for the last two months. He initially joined the company as the Head of Strategic Analysis and was later promoted to the Director of Investor Relations and Strategic Analysis.
In addition, he worked at Temenos previously for more than six years. In his two-decade-long career, McGinnis held roles at Stifel Nicolaus, BofA Merrill Lynch, UBS Securities and Deloitte & Touche.
“I am delighted that Chris will be joining the Board as CFO,” Mattingley added. “In addition to his deep knowledge of Playtech and the sector, he brings a strong set of financial and strategic skills that will be invaluable as the Company looks to deliver further growth.”
