Bragg Gaming CEO Mazij Steps Down From Board Amid Investor Revolt
Matevž Mazij steps down as CEO
Bragg Gaming Chief Executive Matevž Mazij has resigned from the board after shareholders voted 55.67% to 44.33% against his re-election as a director. The Slovenian executive’s departure follows a tumultuous year for the gaming supplier, with shares plummeting nearly 60% to $1.73. The shareholder revolt represents a significant loss of confidence in leadership at a time when Bragg Gaming CEO Mazij had already reduced his stake from 17.7% to 13.55% due to personal financial circumstances. Additionally, the company announced workforce reductions of 12% in January and missed its financial guidance in August, triggering a share price decline from which the business has not recovered.
Shareholders Vote to Remove Bragg Gaming CEO from Board
At Bragg Gaming’s annual meeting, shareholders cast 6,288,503 votes against Mazij’s re-election compared to 5,008,342 votes in favor. The vote triggered the company’s Majority Voting Policy, which requires directors who fail to secure majority support to submit a formal resignation offer.
In accordance with the Canada Business Corporations Act, the Bragg Gaming CEO will remain in his director role during a transitional period. His tenure continues until the board accepts his resignation, appoints a successor, or 90 days elapse from the vote date. September 16 marks the deadline for this transition.
SEC filings revealed Mazij’s compensation structure under his consulting agreement with the iGaming developer. The arrangement pays him GBP 419,832.75 along with a 150% performance-based award. Another filing specified the compensation as €485,000 with the same performance bonus structure.
The documentation outlined termination provisions that protect the Bragg Gaming Chief Executive financially. Should the company terminate Mazij without cause, Bragg must pay him an additional year’s salary, including the potential bonus. This provision ensures compensation continuity regardless of how the board handles his resignation offer in the coming weeks.
Why Investors Lost Confidence in Mazij’s Leadership
Shares fell 65% over the past year to trade at GBP 1.30, reflecting sustained investor disappointment with the Bragg Gaming Chief Executive’s performance. Over a five-year period, shareholders experienced an average loss of 10% annually despite the company growing revenue at 19% per year. This disconnect between operational growth and shareholder returns raised questions about capital allocation and strategic execution.
Mazij’s decision to sell 1,039,000 shares in February 2026 during a blackout period, citing urgent personal financial circumstances, further eroded confidence. The transaction reduced his ownership from 17.7% to 13.55% as shares traded near multi-year lows. Investors viewed the sale as poorly timed given the stock’s depressed valuation.
The failed strategic review process added to frustration. After forming a special committee in March 2024 to explore a potential sale or merger, the board concluded in late 2024 that none of the proposals received reflected the company’s intrinsic value. The Bragg Gaming CEO had positioned the review as a path to unlocking shareholder value, making its collapse particularly disappointing.
Operational missteps compounded concerns. Third quarter 2025 revenue reached EUR 26.8 million, missing the EUR 31.18 million forecast. The company also cut 12% of its workforce in early 2026 and consistently tracked toward the lower end of guidance ranges.
What Happens Next for Bragg Gaming
Following the restructuring announcement, the Bragg Gaming CEO appointed Morten Tonnesen as Chief Operating Officer in March 2026. The new COO brings over 17 years of leadership experience from PokerStars, Xtremepush, and Shape Games. His mandate focuses on driving operational leverage and implementing the company’s AI transformation to establish Bragg as an AI-First company by 2027.
The AI initiative targets specific benchmarks. Over 90% of new game launches will feature AI-enhanced products by 2027, with more than three-quarters of operational workflows integrating artificial intelligence. This transformation excludes the expected positive impact from cost savings already announced.
In addition, Garrick Morris received promotion to Executive Vice President of Global Content for the U.S. and Canada. The organizational changes emphasize expansion of high-margin content business in North America. Both executives will focus on emerging opportunities in Historical Racing, Live Racing, and Prediction markets.
The company expects to incur €1.0 million in restructuring costs during the first quarter of 2026. These personnel-related expenses will generate approximately €4.5 million in annualized cash savings. With a debt-to-equity ratio of 0.11, the Bragg Gaming Chief Executive maintains financial flexibility for the transformation.
Further details about the new operating model and 2026 strategic initiatives will accompany the preliminary 2025 results announcement.
