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Kindred Group's Board of Directors has decided to start exercising the buy-back mandate received at the Extraordinary General Meeting on 17 May 2023. Share repurchases may take place during the period between 23 May 2023 and 22 June 2023.
This news comes as high profile executives are making the way towards the door.
Most notably, Kindred CMO, Elen Barber, will be leaving this fall. She's spent 13 years with the company. CCO Anne-Jaap Snijders is also set to depart. He's been with the Kindred Group for nine years. Both are pictured below.
Recently, the firm lost its CEO Henrik Tjärnstrom and CFO Johan Wilsby.
Speaking to Gambling Insider, a representative for Kindred said: “Both AJ & Elen have made huge contributions to Kindred’s success over the last decade, and we thank them for their dedication and leadership.
“This is as a result of an operational review that has been ongoing for some time, aimed at improving effectiveness within the commercial engine. This has nothing to do with the strategic review initiated by the Board.”
Barber and Snijders each issued statements regarding their rather abrupt departures.
Ex-Kindred CFO Barber said: “I'm proud to have played my part in Kindred's success over the past 13 years. Our fantastic global marketing team has built a solid foundation upon which Kindred can continue to grow in competitive and exciting markets. It’s now the right time for me to move on to fresh opportunities ahead.”
Ex-Kindred CCO Snijders commented: “I had a great time at Kindred. It has been a fantastic journey working out of the Sydney, Malta and Amsterdam office with extremely talented colleagues. The pinnacle was to receive the Dutch licence and building up market leadership with the local teams.”
Back in March, the company was fined a whopping GBP 7.1 million and has received a warning to conclude regulatory reviews by the UK Gambling Commission related to historic AML.
Its 32Red “failed to identify and protect potential problem gamblers”, with one customer allowed to deposit and lose £36,000 in a week, according to the complaint filed against the company.
- Jagajeet Chiba, Gambling911.com
