Board Change
30/10/2024 07:00
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RNS Number : 1306K Team17 Group PLC 30 October 2024
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
30 October 2024
Team17 Group plc
("Team17", the "Group" or the "Company")
Board Change
Appointment of Rashid Varachia as Chief Financial Officer and Chief Operating
Officer
Team17, a leading global independent ("indie") games developer and publisher
of premium video games and apps, announces the appointment of Rashid Varachia
to the Board as Chief Financial Officer, and to a newly-created position of
Chief Operating Officer, with immediate effect.
Mark Crawford, the Group's current Chief Financial Officer, is stepping down
on 31 October 2024 to pursue other business interests and is working with the
Company to ensure an orderly handover.
Rashid is an experienced Chief Financial Officer with significant video games,
M&A and capital markets experience. He joins Team17 from Jagex, a
developer and publisher of role-playing and online living games, including the
iconic RuneScape franchise, where he has held the role of Chief Financial
Officer since August 2021. During his tenure he helped deliver considerable
organic growth and several successful acquisitions. In May 2024, Rashid was
instrumental in the sale of Jagex to CVC Capital Partners and Haveli
Investments.
Prior to Jagex, Rashid was Chief Financial Officer at Codemasters, the
award-winning British video game developer and publisher specialising in
high-quality racing games. Rashid joined Codemasters in 2012 as Vice President
of Finance, before being appointed Chief Financial Officer in 2015. In 2018 he
was an integral part of the team that oversaw Codemasters' £280 million
listing on the London Stock Exchange and in 2021 led the sale of the business
to Electronic Arts Inc. for $1.2 billion.
Rashid is a Chartered Certified Accountant who trained with KPMG UK.
Frank Sagnier, Non-Executive Chair of Team17, commented:
"Firstly, I'd like to thank Mark for his contribution to Team17 over the last
five years and wish him well in all his future endeavours.
"I would also like to welcome Rashid into the Team17 family. He is a proven
CFO and experienced video games industry professional, who has consistently
delivered growth and value to investors in the sector. As we seek to
accelerate growth and drive shareholder value, I am confident Rashid will be a
great addition to the management team."
Additional information on Rashid Varachia
Rashid Ismail Varachia (ACCA), aged 53, is currently or has previously been a
director of the following companies within the past five years:
Current Directorships Past Directorships (5 years)
Finchall Associates Limited June UK Ltd
June UK Finco Limited
June UK Midco Limited
June UK Bidco Limited
Jagex Limited
Codemasters Group Limited
Codemasters Software Limited
Codemasters Limited
Codemasters Holdings Limited
Codemasters Development Company Limited
Codemasters Group Holdings Limited
Csc3 Limited
Csc1 Limited
Digital Computers Limited
Sensible Limited
Iotech Studios Limited
Iotech Engine Limited
Sms Virgo Limited
Sms Phoenix Ltd
Sms Hydra Ltd.
Sms Apollo Ltd
Middleware Limited
Slightly Mad Studios Limited
Save as disclosed above, there is no further information required to be
disclosed pursuant to Schedule 2, paragraph (g) of the AIM Rules.
Enquiries:
Team17 Group plc ir@team17.com
Steve Bell, Group Chief Executive Officer
Rashid Varachia, Chief Financial Officer
James Targett, Group Investor Relations Director
Houlihan Lokey UK Limited (Nominated Adviser) +44 (0)20 7839 3355
Tim Richardson / Giulio Scanferlato / Adrian Reed
Jeffries International Limited (Joint Corporate Broker) +44 (0)20 7029 8000
Philip Noblet / Will Brown / Shaam Vora
Peel Hunt (Joint Corporate Broker) +44 (0)20 7418 8900
Neil Patel / Benjamin Cryer / Kate Bannatyne
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0233
Jeremy Garcia / Fiona Hetherington / Anna Stacey
team17@vigoconsulting.com
About Team17
Team17 Group plc is a leading global developer and publisher of video games
entertainment to a broad audience. The Group includes a games entertainment
label and creative partner for Indie developers, a developer and publisher of
educational apps appealing to children under the age of eight and a working
simulation games developer and publisher.
Visit www.team17.com (http://www.team17groupplc.com/) for more info.
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