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
Steve Bell, Group Chief Executive
Officer
Rashid Varachia, Chief Financial
Officer
James Targett, Group Investor Relations
Director
|
ir@team17.com
|
|
|
|
|
Houlihan Lokey
UK Limited (Nominated Adviser)
Tim Richardson / Giulio Scanferlato / Adrian
Reed
|
+44 (0)20 7839 3355
|
|
|
|
|
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
|
|
|
|
|
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Vigo Consulting
(Financial Public Relations)
Jeremy Garcia / Fiona Hetherington / Anna
Stacey
team17@vigoconsulting.com
|
+44 (0)20 7390 0233
|
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
for more info.