Long-time Ainsworth Game Technology (AGT) Chairman Danny Gladstone and Company Secretary Mark Ludski have resigned from their roles, the company announced this morning.
According to information filed with ASX, Gladstone and Ludski will step down effective immediately, with the decision made in light of recent media reports regarding personal payments made to them over eight years ago.
As reported by Inside Asian Gaming, those payments – AU$10 million to Gladstone and AU$5 million to Ludski – were made by company founder Len Ainsworth after he sold his majority stake to Novomatic AG in 2018. The two executives confirmed receipt of those payments during AGT’s Annual General Meeting last week.
“Mr Gladstone and Mr Ludski have decided it is in the best interests of AGT for them to resign so that AGT can move past these distracting complaints in order to focus on the execution of its strategic priorities,” the company said in the Friday morning announcement.
In their place, AGT has named Graeme Campbell – a non-executive director since 2007 and an experienced specialist in corporate consultancy services in the hotels and registered clubs sector – as Chairman, while Lynn Mah and Andrw Kabega will serve as interim joint company secretaries. Mah is currently AGT’s Chief Financial Officer.
AGT said the appointment of Campbell as Chair “aligns seamlessly with the recent appointment of non- executive Director, Ms Birgit Wimmer, in March 2026 – a move that further demonstrates the company’s commitment to fresh perspectives and strong governance.”
A process to appoint a further independent non-executive Director to the Board will commence immediately, it added.
AGT also noted that Mah, who has served as CFO since January 2023, is a key member of the company’s executive leadership team and is “well positioned to undertake her additional responsibilities.”
In the same filing, AGT made reference to an article published by IAG’s sister company CDC Gaming this week revealing an inquiry by The Forest County Potawatomi Gaming Commission in Wisconsin into the company’s US subsidiary, Ainsworth US.
AGT noted that the inquiry relates to allegations made by Kjerulf Ainsworth – the company’s second largest shareholder – to the Commission, part of an ongoing feud between the parties and that has played out publicly over the past 12 months.
AGT stated, “The company regularly works cooperatively and collaboratively with gaming regulators to respond to any questions in the ordinary course.
“After careful evaluation of the responses and information provided by AGT US, the Commission found that AGT US had ‘fully complied with all requests’ and that ‘the responses provided by AGT US were complete, timely and sufficient to address all concerns outlined in the review’.”
It added that the Commission had since renewed the AGT US licence “ and confirmed that AGT US’s licence remains in good standing and that ‘there is no adverse impact to the regulatory suitability of AGT US within this jurisdiction’.”
RelatedPosts
