Sportsbook technology provider Newgioco Group has appointed a pair of independent directors to its board, one of the steps towards its ultimate goal of listing its shares on a US stock exchange.
Newgioco has appointed Paul Sallwasser and Steven Shallcross to the board, effective June 13. The pair will serve on the board’s audit, compensation, nomination and corporate governance committees.
Earlier this month the supplier’s chief executive Michele Ciavarella talked up the opportunity presented by the regulated US sports betting market, pointing out similarities between the US and Newgioco’s core Italian market.
To fully take advantage of the US opportunity, he said the company would look to list its shares on a US exchange, to secure long-term institutional backing. As part of this process, Ciavarella said the business would look to bring in new directors with experience of serving on listed US companies’ boards.
Sallwasser has a background in healthcare and biotechnology through more than 39 years as a partner at accountancy giant Ernst & Young. A certified public accountant, he served in EY’s Quality and Regulatory Matters Group, responsible for reviewing the quality of its company audit programme.
Shallcross, meanwhile, also has a background in accounting, with extensive experience in mergers and acquisitions, partnership and product development collaborations, strategic planning and budgeting, SEC reporting and systems integration, Newgioco says.
Ciavarella hailed the pair’s appointment as “a key first step” towards its US listing goal.
“The accomplished caliber of our new board members and their willingness to work with Newgioco is a testament to our commitment to good corporate governance,” he said. “Their combined experience with publicly listed companies and SEC reporting will strengthen our ability to understand and address the needs of all our stakeholders.
“I look forward to working harmoniously with our board and management team to accelerate the positive momentum of our leading-edge ELYS betting platform in the US sports betting market.”
Ciavarella added that Newgioco expected to announce a third non-executive director in the near future.