REG - Devolver Digital - Board and Leadership Change

Devolver DigitalAnnouncement

31/01/2024 07:15

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RNS Number : 4420B  Devolver Digital, Inc.  31 January 2024

31 January 2024

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Devolver Digital, Inc.

("Devolver", the "Group" or the "Company")

Board and Leadership Change

Devolver Digital, Inc. (AIM: DEVO), an award-winning digital publisher and
developer of indie video games, announces the following changes to its Board
and leadership team, as part of planning for Devolver's long-term growth and
development.

Chief Executive Officer succession

Douglas Morin has stepped down from his role as CEO and Board member and will
be succeeded by Harry Miller, Executive Chairman and major shareholder, who is
today appointed as CEO, with immediate effect.  Douglas joined Devolver as
Chief of Staff in 2020 and was appointed CEO in 2021.  Douglas played a vital
role in Devolver's IPO, strengthened the corporate and operating structure of
the listed company, and championed the acquisition of System Era Softworks.

Harry is co-founder and former CEO of Devolver, establishing the Company in
2009 with Rick Stults, Graeme Struthers, Nigel Lowrie and Mike Wilson.  In
the past 15 years - two of which as Executive Chairman since IPO in 2021 -
Harry has been instrumental in defining and building Devolver's business and
culture into the award-winning independent video games publisher and developer
it has become.    Harry has almost 30 years of video games experience,
having established and managed a number of publishing and developing
businesses in the video gaming sector including Ritual Entertainment
(co-founder and CEO), Gathering of Developers (co-founder and President), Hong
Kong-based En-Tranz Entertainment (CEO) and Gamecock Media (President).

Chair appointment

Devolver also announces that Kate Marsh, Senior Independent Director since
Devolver's IPO in November 2021, has been appointed as Non-Executive Chair
with immediate effect. Kate will step down as Chair of the Remuneration
Committee to become Chair of the Nomination Committee and will continue to sit
on the Remuneration and Audit Committees. Kate has more than 30 years of
experience in digital and media industries, having built and managed
significant businesses in senior roles with Sky, GroupM, the BBC, Sony
Pictures Television and most recently with Amazon-owned MGM Studios. Kate
serves as a Non-Executive Director on the Board of FTSE 250 Games Workshop
Group plc where she chairs the Remuneration Committee and has also served at
Board level for Mediahuis Ireland (formerly INM plc).

Additional Board changes

The Company also announces that Graeme Struthers, Chief Operating Officer and
co-founder of Devolver, will join the Board with immediate effect.  Graeme is
a co-founder of Devolver and was appointed as Chief Operating Officer in 2022
to oversee a strengthening of the leadership team and operational structures
following the IPO in 2021.  Before Devolver, Graeme worked across a number of
games companies, including Virgin Interactive and Electronic Arts.

Jo Goodson, Non-Executive Director, will step down as Chair of the Nomination
Committee to become Chair of the Remuneration Committee.

 

 Harry Miller said:

 

"On behalf of the Board and everyone at Devolver, I would like to thank
Douglas for his significant commitment and achievements at Devolver in the
last four years.  Douglas' energy, leadership and determination were critical
to our IPO and programme to build our infrastructure as a listed company,
culminating in the exciting System Era acquisition.  I am excited by the
opportunity to step back into the CEO role. It's an incredible pleasure and
honour to continue to work with Devolver's fantastic and talented team,
building out a strong pipeline of fun and creativity, and of course delivering
on our long-term growth strategy."

 

About Devolver Digital

 

Devolver is an award-winning video games publisher in the indie games space
with a balanced portfolio of third-party and own-IP. Devolver has an emphasis
on premium games and has published more than 100 titles, with more than 30
titles in the pipeline scheduled for release over the next few years. Devolver
has in-house studios developing first-party IP titles and a complementary
publishing brand. Devolver is registered in Wilmington, Delaware, USA.

 

In accordance with Schedule Two (g) of the AIM Rules for Companies, Graeme
Shearer Struthers (aged 59) holds the following directorships and
partnerships:

 

Current Directorships:

Gambitious B.V.

Firefly Holdings Limited

Firefly Studios Limited

Devolver Digital Games Limited

Nerial Ltd

ABEST d.o.o

 

Graeme has not held any additional directorships or partnerships in the past
five years.

 

Graeme currently holds 30,059,890 shares in the company, representing 6.8% of
the issued share capital.

 

There is no further information on Graeme Struthers required to be disclosed
under Schedule Two, paragraph (g) of the AIM Rules for Companies.

 

 

Enquiries

 

 Devolver Digital, Inc.                                             ir@devolverdigital.com
 Kate Marsh, Non-Executive Chair

 Harry Miller, Chief Executive Officer

 Daniel Widdicombe, Chief Financial Officer

 Zeus (Nominated Adviser and Sole Broker)                                     +44 (0)20 3829 5000
 Nick Cowles, Jamie Peel, Alexander Craig (Investment Banking)

 Ben Robertson (Equity Capital Markets)

 FTI Consulting (Communications Adviser)                            devolver@fticonsulting.com
 Jamie Ricketts    / Dwight Burden / Valerija Cymbal / Usama Ali    +44 (0)20 3727 1000

 

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