Devolver Dig. S Regulatory News (DEVO)

31 January 2024

The information contained within this announcement is deemed by the company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended) ("UK MAR"). Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Devolver Digital, Inc. 

("Devolver", the "Group" or the "Company")

Board and Leadership Change

Devolver Digital, Inc. (AIM: DEVO), an award-winning digital publisher and developer of indie video games, announces the following changes to its Board and leadership team, as part of planning for Devolver's long-term growth and development.

Chief Executive Officer succession

Douglas Morin has stepped down from his role as CEO and Board member and will be succeeded by Harry Miller, Executive Chairman and major shareholder, who is today appointed as CEO, with immediate effect. Douglas joined Devolver as Chief of Staff in 2020 and was appointed CEO in 2021. Douglas played a vital role in Devolver's IPO, strengthened the corporate and operating structure of the listed company, and championed the acquisition of System Era Softworks. 

Harry is co-founder and former CEO of Devolver, establishing the Company in 2009 with Rick Stults, Graeme Struthers, Nigel Lowrie and Mike Wilson. In the past 15 years - two of which as Executive Chairman since IPO in 2021 - Harry has been instrumental in defining and building Devolver's business and culture into the award-winning independent video games publisher and developer it has become. Harry has almost 30 years of video games experience, having established and managed a number of publishing and developing businesses in the video gaming sector including Ritual Entertainment (co-founder and CEO), Gathering of Developers (co-founder and President), Hong Kong-based En-Tranz Entertainment (CEO) and Gamecock Media (President).

Chair appointment

Devolver also announces that Kate Marsh, Senior Independent Director since Devolver's IPO in November 2021, has been appointed as Non-Executive Chair with immediate effect. Kate will step down as Chair of the Remuneration Committee to become Chair of the Nomination Committee and will continue to sit on the Remuneration and Audit Committees. Kate has more than 30 years of experience in digital and media industries, having built and managed significant businesses in senior roles with Sky, GroupM, the BBC, Sony Pictures Television and most recently with Amazon-owned MGM Studios. Kate serves as a Non-Executive Director on the Board of FTSE 250 Games Workshop Group plc where she chairs the Remuneration Committee and has also served at Board level for Mediahuis Ireland (formerly INM plc). 

Additional Board changes

The Company also announces that Graeme Struthers, Chief Operating Officer and co-founder of Devolver, will join the Board with immediate effect. Graeme is a co-founder of Devolver and was appointed as Chief Operating Officer in 2022 to oversee a strengthening of the leadership team and operational structures following the IPO in 2021. Before Devolver, Graeme worked across a number of games companies, including Virgin Interactive and Electronic Arts.

Jo Goodson, Non-Executive Director, will step down as Chair of the Nomination Committee to become Chair of the Remuneration Committee.

 Harry Miller said:

"On behalf of the Board and everyone at Devolver, I would like to thank Douglas for his significant commitment and achievements at Devolver in the last four years. Douglas' energy, leadership and determination were critical to our IPO and programme to build our infrastructure as a listed company, culminating in the exciting System Era acquisition. I am excited by the opportunity to step back into the CEO role. It's an incredible pleasure and honour to continue to work with Devolver's fantastic and talented team, building out a strong pipeline of fun and creativity, and of course delivering on our long-term growth strategy."

About Devolver Digital

Devolver is an award-winning video games publisher in the indie games space with a balanced portfolio of third-party and own-IP. Devolver has an emphasis on premium games and has published more than 100 titles, with more than 30 titles in the pipeline scheduled for release over the next few years. Devolver has in-house studios developing first-party IP titles and a complementary publishing brand. Devolver is registered in Wilmington, Delaware, USA. 

In accordance with Schedule Two (g) of the AIM Rules for Companies, Graeme Shearer Struthers (aged 59) holds the following directorships and partnerships:

Current Directorships:

Gambitious B.V.

Firefly Holdings Limited

Firefly Studios Limited

Devolver Digital Games Limited

Nerial Ltd

ABEST d.o.o

Graeme has not held any additional directorships or partnerships in the past five years.

Graeme currently holds 30,059,890 shares in the company, representing 6.8% of the issued share capital.

There is no further information on Graeme Struthers required to be disclosed under Schedule Two, paragraph (g) of the AIM Rules for Companies.

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