Intertain Group hires new CEO, chair as strategic review navigates Brexit storm

TORONTO – Intertain Group Ltd. (TSX:IT) says it has hired a new chief executive to oversee the online bingo company as it works on a plan to shift its corporate home to the United Kingdom from Toronto.

The company said its new CEO is Andrew McIver — whose experience includes 11 years as chief financial officer and then chief executive officer of Sportingbet PLC.

It says John Kennedy FitzGerald has resigned as Intertain’s chief executive and as a director, and that the new CEO’s appointment is effective immediately.

Intertain also announced that Neil Goulden is the new chairman of its board, also effective immediately.

Goulden and McIver will focus on developing Intertain’s U.K. strategic initiatives and managing the core business while a special board committee, chaired by David Danziger, will continue with an ongoing strategic review.

Danziger says that the review has highlighted the potential of getting a higher valuation for its businesses if it has greater exposure to European capital markets.

The committee is working on a proposal for the acquisition of all shares of Intertain by a third party — yet to be determined — and the establishment of a new publicly traded U.K. corporation to be its parent company.

Danziger said that the negotiations continue but have been complicated by last week’s U.K. vote to exit the European Union.

Intertain says the special committee expects to provide a further update regarding the status of the strategic review by no later than the end of July.