Guild shuffles leadership following $11.8M annual loss
British esports organization Guild Esports has made changes to its board following a loss-heavy financial year.
General well-being: The organization, which has David Beckham as an ambassador and minority owner, gave a brief update on its general trajectory.
- It has been "in line with management expectations" on exchanges such as the LSE and the OTCQB.
- Guild has "several potentially significant sponsorships" that are at "advanced stages of negotiations," something it's proclaimed for months.
- Several leadership changes have been made to "support the next phase of the company's growth" and strengthen its expertise in "technology and capital marketise."
The changes: While claiming things are going as planned, the organization has made several alterations to its board.
- Andrew Drake, Chris Sullivan, and Simon Walters will all step down as Non-Executive Directors at Guild Esports in its annual general meeting (AGM) on March 31.
- The board is adding Brian Stockbridge and Mike Edwards, who have experience in corporate finance (including investments, IPOs, and capital raisings) and founding and investing in companies, respectively, as Non-Executive Directors.
- Guild's Executive Finance Director, James Savage, has resigned from his role for "personal reasons" and an interim Chief Financial Officer is set to start with immediate effect. A permanent holder of the CFO position is already being scouted.
The last financial year: Guild revealed its first-ever full-year financial performance in January 2022.
- Annual revenue for the org reached $2.6M (£1.9M).
- A pre-tax loss of $11.8M (£8.8M), up from $3.6M (£2.7M) in the year prior.
- The org states "fundamental" investments in operational infrastructure, esports teams, Guild Academy, and merchandising are reflected in the loss.