Sports company Genius Sports announces the departure of Gabriele Cipparrone from his position.
Genius Sports Announces Board Reshuffle Following Gabriele Cipparrone's Departure
In a recent announcement, Genius Sports Limited has revealed that Gabriele Cipparrone, a partner at Apax Partners LLP, has stepped down from the company's Board of Directors, effective from the 8th of April, 2024.
The news comes after a secondary sale of Genius Sports holdings by funds advised by Apax Partners LLP on April 1, 2024. This sale marks a significant milestone for the company, which successfully listed on the NYSE three years prior.
Mark Locke, CEO of Genius Sports, expressed gratitude for Cipparrone's contributions, stating that he had provided valuable insight and expertise during a transformative period of growth for the company. Since Apax Partners LLP's investment in 2018, Genius Sports has expanded from $85 million in revenue to an impressive $413 million in 2023.
The company's growth over the past six years has been instrumental, with the Apax team playing a pivotal role in its transformation. Genius Sports is now looking forward to continuing to attract and retain thoughtful and long-term shareholders.
In light of Cipparrone's departure, the company's Board of Directors will be undergoing changes. While the identities of any potential new independent board members have not been disclosed, it is known that Genius Sports is actively searching for new independent members to join its ranks.
The Apax Funds consider Genius Sports to be an excellent investment, and they remain confident in the company's long-term financial and strategic position. Further liquidity in Genius Sports' stock is anticipated, and the company has spent the last three years as a public company cultivating a remarkable group of public equity investors.
As Genius Sports moves forward, it is poised for continued success. The company is committed to maintaining its growth trajectory and is excited about the opportunities that lie ahead.
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