Team17 Group PLC Board Change

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 Steve Bell, Group Chief Executive Officer Rashid Varachia, Chief Financial Officer James Targett, Group Investor Relations Director	[e-mail]
Houlihan Lokey UK Limited (Nominated Adviser) Tim Richardson / Giulio Scanferlato / Adrian Reed	[phone]
Jeffries International Limited (Joint Corporate Broker)	[phone]
Philip Noblet / Will Brown / Shaam Vora
Peel Hunt (Joint Corporate Broker)	[phone]
Neil Patel / Benjamin Cryer / Kate Bannatyne
Vigo Consulting (Financial Public Relations) Jeremy Garcia / Fiona Hetherington / Anna Stacey [e-mail]	[phone]

 

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.

 

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