Ontario-based operator Rivalry has reported the resignation of four board members in an investor update today.
Two of those executive board members have also left their CTO and COO roles, and interim CFO Demi Abidogun-Benson has also stepped down from the operator, following a February announcement that it was making a “significant reduction in operating activity”.
This, the company said, was due to a period of “recent performance volatility”. Rivalry told investors at the time it was evaluating strategic alternatives in respect of its assets and operations.
The process included cutting back significantly on its workforce and heavily reducing operating expenditure.
It said at the time: “The company has paused player activity on its platform and is facilitating player withdrawals in the ordinary course.”
The four board members to have resigned this week are: Stephen Rigby, Steven Isenberg, Ryan White and Kevin Wimer.
Rivalry did not provide any further update on the changes, including whether it would replace them in the long or short term.
Back in February, as it commenced its current strategic review, Rivalry said it was engaged in discussions with third parties regarding potential transactions.
“However, in light of recent performance volatility, the board has determined to materially reduce the scale of operations while assessing whether a strategic transaction or other alternative can be advanced,” it added.
“Given the company’s reduced operating scale and the ongoing evaluation process, there can be no assurance that any strategic alternative will be completed or that operations will continue in their current form,” the operator concluded.
Previous strategic review for Rivalry
The wind-down process followed a previous strategic review in 2025, which sought to “support its long-term growth and expansion plans”. At the time Rivalry engaged XST Capital Group, a boutique investment bank focusing on the digital gaming sector, to explore sale opportunities.
“This review is a natural step in assessing how we can best create long-term value for our stakeholders while continuing to enhance our world-class gaming platform,” CEO Steven Salz said at the time.
Rivalry had also secured a $650,000 principal amount senior unsecured loan at the time from an existing senior lender.
Nicole Macedo
Nicole cut her teeth in local news rooms at home in Gibraltar, and helped to establish the peninsula’s first online-only broadcaster.
Original article: https://igamingbusiness.com/strategy/rivalry-board-csuite-resigns-amid-operational-wind-down/
