Guild Esports recently announced several changes to the company’s leadership structure. As a result, Simon Walters, Chris Sullivan, and Andrew Drake have all stepped down from their non-executive director roles with the organization. Moreover, James Savage has resigned as the business’ Executive Finance Director while Brian Stockbridge and Mike Edwards were appointed to Guild’s board of directors.
“I would like to thank Simon, Andrew, Chris, and James on behalf of the entire Guild team for their counsel and contribution to the Company. I would also like to welcome Mike and Brian who will bring fresh and relevant boardroom oversight of Guild’s growth strategy,” said Derek Lew, the Non-Executive Chairman of Guild Esports. “We have a solid executive management team under chief executive Kal Hourd and excellent prospects. As a result, the Board looks to the future with confidence.”
Guild Esports unveiled these leadership changes during a trading update that was broadcast on the London Stock Exchange website. During this announcement, Guild also said that it has “continued to trade with management expectations” since the company’s last released financial report.
This comes on the heels of a less than stellar FY21. The organization reported a loss of $11.8 million in 2021.
The Profit‘s Take:
There isn’t an industry on the planet where you look at three executive directors resigning and think, “this is pretty good news.” This is a VERY bad sign. I suspect we will be hearing more bad news from Guild again at some point this year. Losses for growing companies are not usually the end of the world. However, three high-ranking executives leaving is usually an indication of worse things to come.
(All information was provided by Esports Insider)