New CFO for Playtech

May 17, 2011 | News Category: Casino Software

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Playtech, the online gaming software provider, has recently announced that they have appointed a new Chief Financial Officer. The new CFO will take up this position on May 25th, 2011.

The new CFO, Mr. David Mathewson (63) currently holds a non-executive position with the online gaming software company. Mathewson is a Non-Executive Director, and also the Chairman of Playtech's Audit and Risk Committee. Mathewson has held these positions with Playtech since June 2010.

Mathewson is highly qualified for this role. He is chartered accountant, and previously held the position of Chairman at Sportech from 2002 to 2006. He also held executive positions with Tacker Trust plc, and was at the UK merchant bank, Noble Grossart Limited, as a corporate financier for 11 years. Mathewson has also served on the board of NASDAQ.

An analyst at Evolution Securities, James Hollins had the following to say in support of Mathewson taking on this new role: "Coupled with a deep knowledge of the sector and the company, the new CFO's experience of financing, M&A and UK Plc's should stand the company in good stead as it completes the integration of recent acquisition, PTTS, drives corporate expansion and moves towards a move to the full list in the second half of next year."

There are those that may have preferred an outside CFO to be appointed, although it does seem that the news of his appointment to the position of CFO has been fairly well received. The announcement, however, did not cause any significant change on the online casino software company's share prices.

At age 63, Mathewson describes himself as "very young and frisky for 63." He has said that he will be able to stand up to Playtech's founder, Teddy Sagi, who owns 40.4 percent of Playtech's shares. Mathewson commented: "The role of Teddy has to be managed. I think I can manage that."

Mathewson also promised that he would be able to "bring an openness to the business" that it does not currently have.

The current CFO, Mr. Shuki Barak has held this position in the company for five years, and although he will be stepping down, he will continue to work for the software company in an operational role in which he will lead commercial negotiations for Playtech. It has not been confirmed, but it seems to be that Barak will be kept on a basic salary, along the lines of £250,000.

Playtech is a London-listed company.