Esports Entertainment Group has declared the permanent appointment of Michael Villani as its Chief Financial Officer. This role had been temporarily filled since Damian Matthews stepped down in January.
Villani’s elevation to this position follows two and a half years of service as the group’s Controller.
Prior to joining Esports Entertainment, Villani spent a decade at KPMG, where he served as a Director and Manager of Accounting Advisory Services.
He also held positions at Tiresias Capital, Harman International, and AIG Financial Products.
“We have directly observed Michael’s leadership, operational and financial abilities during the company’s restructuring process over the past several months,” stated Alex Igelman, CEO of Esports Entertainment.
“He has played a key role in strengthening our financial position, divesting or discontinuing non-core business operations to streamline our processes, and enhancing operational effectiveness throughout the company.
“Michael is a valuable asset to our leadership team. We anticipate continuing to collaborate with him as we implement our long-term strategy, focused on generating long-term value for our shareholders.”
This appointment follows Matthews’ return in June, where he resumed his previous role as Chief Operating Officer.
He continues to serve on the board, having assumed the role in June 2020, even though he stepped down from the company earlier this year.
The esports entertainment firm is implementing a B2C growth and divestiture strategy designed to rejuvenate its operations.
Back in April, CEO Igelman disclosed the company’s B2C expansion plans and outlined its divestiture initiatives.
The group has been facing challenges since May 2022, acknowledging that its ability to remain operational for the next year was “uncertain.” In November, the SportNation and RedZone brands ceased operations in the UK, while former CEO Grant Johnson resigned amidst speculation about his future.
Igelman conducted a review of the company following his appointment in January, aligning with the action plan. He stated that the group will now concentrate on expanding its B2C offerings, particularly through its Idefix platform.
He also mentioned several divestitures, many of which have already been finalized this year. Igelman stated that these sales were intended to “streamline” its operations, including the sale of Bethard in February.
The esports entertainment company also reduced its workforce by over 37% this year. The employee count has now been reduced from 158 to 99.
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