Gfinity (GFIN ) informed investors that it has appointed former Apple Executive, Thomas Preising, as the firm’s new Chief Revenue Transformation Officer with immediate effect.
Tom spent 16 years at Apple overseeing key emerging markets including India, Latin America and the Middle East, before being appointed as Global Business Operations Director.
With over 33 years' experience in senior operations roles for technology groups, Gfinity said Tom has an established a successful track record of implementing business transformation.
Today’s statement detailed that Tom joins Gfinity from AMP Capital, a large infrastructure equity fund, where he led on innovation and efficiency for its portfolio companies. He has also held several roles at HP's PC and printing business for 12 years in Europe and SE Asia.
Gfinity said Tom will join the Board as Chief Revenue and Transformation Officer, where he will head up the company's Commercial, Product and Tech Development teams.
Under his role, Tom will be responsible for overseeing all revenue generation and technology transformation across the company and will report directly to the CEO.
The Board added that it has discussed and concluded that Mr Preising will not be classified as a PDMR (Person Discharging Managerial Responsibilities) for the purposes of UK MAR.
"Tom is a strong leader who will play an important role in the delivery of the next chapter in Gfinity's growth story. Gfinity's strategic framework is now well established, with a focus on commercialising and scaling 'what we own', the Gfinity Digital Media group and our wholly owned technology IP, including our Tournament Platform,” said CEO of Gfinity, John Clarke.
He added that, “Tom has deep experience in these areas and will no doubt be instrumental in supporting the positive trajectory of the business."
Commenting on his newly appointed role, Thomas Preising said, "I am very excited to be joining senior leadership and the rest of the immensely talented team at Gfinity on the next step of the journey as we solidify our place in the digital gaming ecosystem."
Today’s news marks the second former Senior at Apple Inc. to be appointed to Gfinity’s Board. In December, the Company appointed Len Rinaldi as Non-Executive Director.
Gfinity’s recent 1H21 results highlighted the improved financial trading during the six-month period following the news that it had recorded its first ever quarterly positive adj EBITDA.
Shares in Gfinity have increased by over 25% in value since the beginning of 2021. The stock was trading 0.51% higher this morning at 4.92p following the Company’s announcement.
Reasons to Follow GFIN
The esports industry represents an exciting investment opportunity for Gfinity which is the only established UK listed company in the esports sector. In 2018, global esports revenue grew by 38% in value, with a projected esports market value of $1.5 billion by 2020.
In November 2020, Gfinity launched a formal sales process as part of a strategic review which it said will help it continue its pathway towards profitability forecasted for 1Q21.
Gfinity has seen three major progressions with regards to joint ventures and partnerships, including partnerships with BT Sport, ViacomCBS and Abu Dhabi Motorsport Management.
The group said it is on track to deliver target revenues for this financial year of around £2m, leading the Company towards its maiden profit. GFIN is currently technically in an offer period post the announcement of its strategic review on 9 October 2020.
‘While the Company continues on its current pathway towards sustainable profitability, at this point in time it is important to all its stakeholders to ensure that it has explored all strategic options to capitalise on the potential market opportunity,’ GFIN noted.
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