Gaming technology company Lottery.com announced the appointment of an existing director, Matthew Howard McGahan, as Chairman of the Board. The business has also appointed two new Board members: Barney Battles and Naila Chowdhury. The appointments come after turmoil over the last months, marred by financial irregularities, a board that was in open civil war and class-action lawsuits.
Sohail Quraeshi, Lottery.com CEO, commented: “I would like to welcome all the new directors to the Board, and am delighted at Matthew’s appointment to Chairman. Each of them brings considerable and relevant experience, which will substantially enhance our senior leadership team, compliance, CSR, and strategic capability.”
The Nasdaq-listed firm said the announcement comes “at a transformational time” for the company. “These appointments are a crucial next step as we complete the turnaround of the business and implement a strategy for future growth,” pointed out Quraeshi, who joined on an interim basis last month and had also been serving on the board of directors. He is now set to take on the role permanently.
Matthew H. McGahan is described by the company as “a seasoned investor and entrepreneur with vast experience in turnarounds and distressed projects.” He founded Magic Automotive Group, which developed into one of the largest Harley-Davidson and BMW dealerships in Europe. He sold the group in 2010 and went on to become a successful investor.
McGahan is also the founder of the UK charity “Mask Our Heroes” created in memory of his father, who was a victim of the COVID-19 pandemic. In the first months of the pandemic, it flew in over 30 million surgical masks for distribution to hospitals and care homes throughout the UK. McGahan first joined Lottery.com as an independent director of its board in October, now stepping up into the position of chairman.
McGahan said: “My appointment as Chairman comes at an important inflection point for the company. We are now seeking to recapitalize and engage in a revitalized growth strategy in a changing business environment. Lottery.Com, Inc. has fine-tuned its management team, who work together with an outstanding, knowledgeable, and self-driven staff.”
McGahan replaces Richard Kivel, who resigned as chairman saying it had become “impossible” to perform as an independent director. Kivel claimed his efforts to turn round the fortunes of the business had been “aggressively obstructed,” making a number of accusations against the business in a damning resignation letter.
As for Barney Battles, he is the Founder of The League of Angels, a network of UHNW international members investing in fast-growth British ventures. Battles is also the former co-owner of Jackpot Games, a Maltese online gaming venture that was sold to a large German media group.
Additionally, Battles is the former senior advisor to the Rank Group PLC, where he focused on Grosvenor Casinos and Bingo. During his time there, he focused on delivering interactive digital gaming formats across their retail footprint. He also has extensive FTSE experience working in Executive Chairman and CFO roles in turnaround or high-growth sectors.
Naila Chowdhury has 25 years of leadership experience in senior management in private, public, and non-profit organizations globally. She is co-founder and former CEO of “Pillar 4 Dignity” which supports and empowers underserved women and girls worldwide who face social and economic challenges.
Chowdhury commented: “I am extremely pleased to be working with a tech company that promises to deliver highly responsive and trusted services to its customers. I look forward to driving the company’s transformation into an ethical and secure workplace and working with the team who has the vision to fulfill it.
The appointments come as the company seeks to improve its image after a turbulent time for the firm, during which the former president and CFO were sacked amid uncovered instances of non-compliance with state and federal laws. Lottery.com also found its cash holdings were overstated by $30 million.
