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Ainsworth Game Technology (AGT) announced on June 5, 2026, that chairman Danny Gladstone and company secretary Mark Ludski have resigned, effective immediately. The move follows media scrutiny regarding personal payments made to both executives more than eight years ago by AGT founder Len Ainsworth, shortly after his majority stake in the company was sold to Austrian gaming firm Novomatic AG in 2018. Reports indicate Gladstone received AU$10 million while Ludski received AU$5 million.
The company stated that the resignations were in the best interests of AGT to move beyond the “distracting complaints” and maintain focus on strategic priorities. “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,” AGT said in a Friday ASX market announcement [pdf].
New Appointments and Board Renewal
According to The Australian, Graeme Campbell, an independent non-executive director since 2007, has been appointed as the new chairman. Campbell has over 30 years of experience in corporate consultancy, particularly within hotels and registered clubs, and has also joined AGT’s Regulatory and Compliance Committee, with Heather Scheibenstock taking over as committee chair.
Additionally, Chief Financial Officer Lynn Mah and Andrew Kabega from BoardRoom Pty Ltd will serve as interim joint company secretaries. Mah, who has been CFO since January 2023, previously held the assistant company secretary role and brings extensive knowledge in accounting, audit, taxation, treasury, and investor relations. Kabega has experience across ASX and ASIC compliance and has served as company secretary for multiple listed companies.
AGT emphasized that these appointments, combined with recent board renewals, demonstrate the company’s commitment to strong governance and fresh perspectives. Plans to appoint an additional independent non-executive director have also been initiated.
Background of the Payments and Broader Context
The resignations come amid a broader dispute involving Kjerulf Ainsworth, Len Ainsworth’s son and the company’s second-largest shareholder, who has publicly criticized AGT’s governance and opposed the Novomatic takeover as undervaluing the business. Kjerulf Ainsworth recently increased his stake to 9.55 percent through on-market acquisitions.
The payments that prompted the resignations were revealed during AGT’s annual shareholder meeting, with Gladstone and Ludski confirming receipt of the sums. Both had long tenures with the company: Gladstone joined in 2007, progressing from chief executive officer to chairman, while Ludski had been with AGT since 2000, serving around 22 years as CFO.
US Subsidiary Review Concludes Without Adverse Findings
Alongside the leadership changes, AGT addressed a suitability review by the Forest County Potawatomi Gaming Commission into its US subsidiary, AGT US. Allegations from Kjerulf Ainsworth had raised questions regarding corporate governance and undisclosed financial transactions. After evaluating the responses and information provided, the commission concluded that AGT US had “fully complied with all requests” and renewed its license on May 28, 2026, noting no adverse impact on the subsidiary’s regulatory suitability.
AGT’s board emphasized that the leadership restructuring positions the company for its next phase of growth, combining regulatory expertise, corporate experience, and fresh perspectives to support its strategic objectives in the global gaming and lottery markets.