By Kathryn Hardison
Esports Entertainment Group Inc.’s Chief Executive Grant Johnson has departed as the esports and online betting company focuses on reducing costs, restructuring debt and capitalizing on its esports assets.
Mr. Johnson, who stepped down on Dec. 3, also left his position as chairman of the board of directors, the company said Wednesday. The board is considering several candidates to take over as CEO, and it has identified a preferred candidate to serve as the interim CEO, the company said.
Jan Jones Blackhurst was named the chairwoman of the board.
The company said it has made progress in recent months to reduce costs and consider strategic options for its iGaming assets that don’t contribute to profits. That includes a potential sale of the assets, due to regulatory burdens and competition, it said. The new CEO will be tasked with determining the next steps.
Esports Entertainment Group has also gained approval for continued listing on the Nasdaq, subject to compliance with Nasdaq requirements, it said.
It is also in discussions with its debt holder to restructure its payment obligations, and is considering a non-binding letter of intent from a third party to merge its assets. The combined company would focus on growing esports revenues, Esports Entertainment said.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
