Sports technology provider Sportradar has announced a slate of changes aimed at streamlining the company’s organizational structure, part of a previously announced initiative to drive product development and profitability. A new executive leadership team to oversee global functions has now been announced.
Effective immediately, the new organizational structure consists of six business functions:
- Product Delivery and Operations combines and centralizes content, product development and engineering globally to deliver products and solutions to clients and partners. The unit is led by Warren Murphy, previously Chief Product Officer and now Chief Delivery and Operations Officer.
- Growth and Innovation combines growth, strategy and innovation to facilitate a unified vision for identifying and capitalizing on market opportunities. The business function is led by Nick Maywald, previously Chief Content Officer and now Chief Growth and Innovation Officer.
- Commercial combines the company’s go-to-market functions, including sales, client services and care, sports partnerships, marketing and communications to drive revenue opportunities. Led by Chief Commercial Officer Eduard Blonk.
- Legal, Risk and Administrative Services, led by Lynn McCreary, Chief Administrative Officer, Chief Legal Officer and Corporate Secretary.
- People, led by Severine Riviere-Gerstner, Chief People Officer.
- Finance, led by Gerard Griffin, Chief Financial Officer.
Sportradar CEO Carsten Koerl
Carsten Koerl, CEO of Sportradar, said: “I am excited to announce this new global organization and leadership structure, which aligns our teams on our strategic priorities, promotes agile execution and better positions Sportradar for future growth.
“By centralizing our key business functions, we will foster greater collaboration and faster decision-making, enabling us to drive further operating efficiencies and increased innovation across our business. These decisive steps will enable us to better serve our clients and partners as well as capture the significant market opportunities ahead of us.”
As part of these organizational changes, Sportradar announced Ulrich Harmuth, Chief Strategy Officer, will be departing the company to pursue other endeavors.
Separately, Griffin has informed the company that he will be leaving for personal reasons. Griffin will continue as CFO until May 31, 2024, or the appointment of a permanent successor, if earlier. The company has initiated a search for its next CFO, whom it expects to announce prior to Griffin’s departure.
Gerard Griffin
Koerl stated: “I want to thank Ger for his contributions to Sportradar. He has meaningfully strengthened our finance team with a deep and talented bench that will continue to contribute to the company as we look to drive growth and profitability into the future. We look forward to continuing to benefit from his leadership while we search for a permanent successor.”
“I also want to thank Ulrich for his contributions to our company, clients and partners that have positioned Sportradar for continued success. For over a decade, he held various leadership roles, contributing to our growth. We wish him the best in his future endeavors.”
Sportradar reaffirms 2023 guidance
Concurrently with the structural update, the company reaffirmed its fiscal 2023 guidance and fiscal 2024 outlook.
The company expects revenue in the range of €870 million to €880 million ($942.9 million to $953.8 million) for fiscal 2023, representing year-over-year growth between 19% and 21%. Adjusted EBITDA is forecasted in the range of €162 million to €167 million ($175.6 million to $180.9 million), representing year-over-year growth between 29% and 33%, and Adjusted EBITDA margin in the range of 18.4% and 19.2%.
The company also reaffirmed its fiscal 2024 outlook for revenue and Adjusted EBITDA growth of at least 20%.
“I am confident we have the right leaders in place, intently focused on executing on our strategic priorities. For 2023, we remain on track to deliver on our strong growth targets and are well positioned to maintain that momentum into 2024,” said Koerl.
