Rivalry, based in Toronto, is experiencing a leadership crisis as four board members resign amid operational cutbacks. The company is currently evaluating its future amid performance volatility and a significant reduction in activities.
Rivalry, a Toronto-based operator in the iGaming sector, is currently facing a leadership crisis after the resignation of four board members. This development was disclosed in an investor update, signaling a challenging phase for the company.
Among those who have stepped down are two executive board members who also held crucial roles as Chief Technology Officer (CTO) and Chief Operating Officer (COO). Additionally, Demi Abidogun-Benson, who served as the interim Chief Financial Officer (CFO), has also left. These departures come on the heels of a February announcement indicating a significant reduction in the company’s operational activities.
Rivalry cited “recent performance volatility” as the driving force behind these drastic measures. In a previous communication to investors, the company mentioned that it was evaluating strategic alternatives regarding its assets and operations. This evaluation process included a substantial workforce reduction and a sharp cut in operating expenditures.
In practice, the company has paused player activities on its platform, focusing instead on facilitating player withdrawals in a streamlined manner. The four board members who resigned this week—Stephen Rigby, Steven Isenberg, Ryan White, and Kevin Wimer—leave behind a significant gap in leadership.
As of now, Rivalry has not provided any further details about potential replacements for these key positions, either in the short or long term. Earlier in February, when Rivalry initiated its current strategic review, it disclosed that discussions were underway with third parties regarding possible transactions.
“However, in light of recent performance volatility, the board has determined to materially reduce the scale of operations while assessing whether a strategic transaction or other alternative can be advanced,” the company noted. This cautious approach underscores the uncertain landscape Rivalry is navigating, with no guarantees about the continuity of operations in their current form.
This recent wind-down process follows a strategic review that took place back in 2025, aimed at bolstering long-term growth and expansion plans. During that review, Rivalry engaged XST Capital Group, a boutique investment bank specializing in the digital gaming sector, to explore potential sale opportunities.
“This review is a natural step in assessing how we can best create long-term value for our stakeholders while continuing to enhance our world-class gaming platform,” stated CEO Steven Salz at the time. The company had also secured a senior unsecured loan of $650,000 from an existing lender, further indicating its attempts to stabilize financially.
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