Matchbook chief executive to step down from embattled exchange firm

Mark Brosnan will step down next month as chief executive of Matchbook after seven years following a turbulent period for the firm.

In February Matchbook had their licence to operate in the United Kingdom suspended by the Gambling Commission (GC) following a two-year review that exposed concerns over anti-money laundering regulations and customer care policies, including fair treatment for users of the exchange.

Last month Matchbook's owner Triplebet was told to pay a £740,000 fine by the GC, while its licence remains suspended until it can prove it has implemented the remedial measures required by the regulator.

In response, Triplebet said it had implemented all the commission's recommendations and was "excited" about relaunching for British customers.

Brosnan will remain as a director at Newfoundland Limited, the holding company for Matchbook, and Xanadu Consultancy, the online betting consultant and IT specialist that was brought in by the betting exchange in 2015 to improve its offering for punters.

A statement from the company said Brosnan’s decision to leave “comes at the natural conclusion of a number of long-term projects”, including the submission of an independent audit to the Gambling Commission “which concludes the work required by Triplebet to have its licence suspension lifted”.

Farzad Peyman, Matchbook’s chief financial officer, will take over as interim chief executive having previously worked closely with Brosnan.

Peyman said: “We are enormously indebted to Mark for everything which he has done for this business.

“Mark is a fantastic business leader who operates with tremendous authenticity and warmth. He has navigated the business through an amazing growth journey, and leaves behind a market leading technology stack which is built for scale and business primed for growth.”

Read more:

Matchbook owner fined £740,000 by Gambling Commission over 'serious failings'

Matchbook owners accept findings of Gambling Commission after two-year review

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