Nektan CEO Lucy Buckley Steps Down as Part of Business Restructuring

Ten months after being appointed as Nektan’s new chief executive officer, the company has officially announced that Lucy Buckley will no longer perform the role of director. The decision is final and with immediate effect. Gary Shaw, the company’s founder and executive, will take over on an interim basis.

Buckley is stepping down due to the recent restructuring of the business and she will remain an important member of the board. She said:

“The business has a solid foundation of proprietary technology and a fast-growing B2B business that will help it capitalise on the many global opportunities ahead.”

Buckley’s hopes to improve Nektan’s financial resuls in Q4 remain high, even though the supplier saw a revenue fall of 29% year-on-year, which is around $5 million.

She later added:

“A number of steps to enhance our product offering, including the launch of bingo and improved player journeys, have been completed in Q4 and we look forward to the new financial year with optimism.”

Awaiting Smooth Transition To a New Leadership Role

As a keepsake, Lucy ed Nektan as CEO after spending eight years at Inspired Entertainment Inc. She became recognized by top-tier gaming directories as No. 1 businesswoman under 40 for doubling the company’s year-on-year revenue growth.

The entire Nektan team, along with Gary Shaw, have expressed gratitude to Lucy in the following statement:

“On behalf of the board, I would like to thank Lucy for her stewardship during a period of industry change and challenges in the UK market,” Shaw said. “The company remains confident that its sales pipeline has the scope to drive significant revenue growth in both the B2C and B2B divisions.”

In the meantime, Shaw will merge his current duties with the CEO role and Buckley will be given enough time to transition to a new leadership role.

As part of restructuring, Nektan has also appointed Simon Hay as chief financial officer, back in June 2019.

A Profit Warning?

Back in June, Nektan Global Gaming Platform launched bingo across the B2C white label casino network and has also provided important advice on how companies can achieve revenue growth within the overcrowded iGaming market. It was Buckley who attended the World Gaming Executive Summit 2019 and shared the following insights:

“The industry is packed full of established suppliers, many of whom are undergoing consolidation while there’s an increasing number of new entrants aiming to disrupt the sector with new technologies. Making yourself heard in a competitive marketplace presents challenges.

While obstacles do exist, there are still ways to execute successful strategic business growth while upholding strong social responsibility values. I’m looking forward to providing my insight into the subject with my fellow industry colleagues at WGES 2019.”

In the same month, the company also issued a profit warning to investors, due to a sudden decline in player deposits. The fiscal year to June 30 still looks positive, mostly thanks to the expansion in B2B and B2C sectors.

Source:

“Nektan CEO Buckley steps down”, igamingbusiness.com, August 13, 2019.