Sportradar brings in Felenstein as new CFO

Sportradar has offered the appointment of experienced govt Craig Felenstein as its new chief financial officer, with homicide from 1 June.

Felenstein will replace Gerrard Griffin, whose exit used to be confirmed by Sportradar earlier this yr. Griffin is ensuing from leave the industrial on 31 May well.

Felenstein joins Sportradar from Lindblad Expeditions, where he has been serving as CFO since September 2016. Ahead of this, he worked for Shutterstock as senior vice-president of investor relations and strategic finance. 

Earlier in his profession, Felenstein spent nearly seven years with Discovery Communications. Here, he worked in loads of senior investor positions, including govt vice-president of investor relations.

Felenstein additionally held a identical role at Files Company and had a spell working in numerous financial positions with Viacom.

“Sportradar has built an spectacular leadership place of dwelling in the all of a sudden rising world sports technology market,” Felenstein talked about. “The corporate is ideally situated to ship sustained growth given their sturdy convey material portfolio, unmatched product offerings and commitment to alternate innovation.”

Sportradar CEO Carsten Koerl added: “With Craig’s deep international expertise and successful song file constructing finance organisations as a CFO at US listed public companies, I’m confident that he’ll be a ambitious addition to our crew.

“His song file of helping power financial strategy and constructing shareholder payment may per chance be instrumental to our continued success.”

Organisational restructure at Sportradar

Confirmation of outgoing CFO Griffin’s departure lend a hand in January came as a new leadership structure used to be additionally unveiled.

Segment of a wider initiative to streamline its world organisational structure, the setup contains six industrial functions. This saw several senior members of workers switch into new roles and have on additional tasks.

Warren Murphy is now chief shipping and operations officer, leading product shipping and operations. Prick Maywald, beforehand chief convey material officer, is working as chief growth and innovation officer, with responsibility for growth and innovation. 

In other areas, chief industrial officer Eduard Blonk is now leading the industrial characteristic, preserving gross sales, client providers and products and care, sports partnerships, advertising and marketing and marketing and communications. 

Lynn McCreary, chief administrative officer, chief dazzling officer and company secretary, is overseeing dazzling, risk and administrative providers and products. To boot, Severine Riviere-Gerstner now heads up the of us sector as chief of us officer.

Griffin is for the time being leading the finance characteristic but will step down as CFO next month to homicide strategy for Felenstein. Moreover leaving Sportradar is chief strategy officer Ulrich Harmuth, who is pursuing other endeavours.

Sportradar nears greater terminate of FY23 earnings steering

Since the restructure used to be offered, Sportradar has additionally published its plump-yr outcomes for 2023.

Highlights encompass €877.6m (£752.5m/$943.0m) in earnings, at the greater terminate of its steering vary, thanks to growth in the US. Revenue used to be 20.2% increased yr-on-yr.

Most essential earnings growth led Sportradar to a total earnings from persevering with operations of €34.6m, up 229.5% from 2022’s total earnings of €10.5m. Adjusted EBITDA increased by 32.6% to €166.8m, shut to exceeding Sportradar’s outlook vary of €162m-€167m.

After an actual 2023, Sportradar is eying 20.0% yr-on-yr growth in earnings and adjusted EBITDA for 2024. This may per chance well have earnings to after all €1.05bn and adjusted EBITDA €200m, with steering assuming a euro-to-US-dollar alternate of 1.07.

Sportradar is additionally eyeing an actual adjusted EBITDA margin of 19.0%. 

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