[image credit : Gfinity]
As part of Gfinity’s cost reduction program, Executive Chairman Garry Cook and CEO Graham Wallace stood down from their positions on the board and management team. Both will maintain a relationship with the Gfinity as they continue to work on several investment and commercial opportunities for the business. In their places, the company appointed John Clarke, former Global Commercial and Brand Officer, as CEO; and Neville Upton, President and Co-Founder of Gfinity, as Chairman.
Furthermore, the company committed to adopting a flexible variable cost operating model and focusing on three core areas: its own community, building communities for others, and motorsports (with Formula One as its anchor client). Consequently, Gfinity decided to exit all other areas, including low margin tournament operations, which had a negative impact on cash.
Through its restructuring, Gfinity is looking to reduce its annual cost base by more than 60% from its current level of £8.5M ($10M).
