Golden Matrix Group, Inc. (NASDAQ:GMGI) announced Thursday that its board of directors has appointed Atul Bali as a director, effective immediately. Bali will also serve as a member of the Audit Committee, the Nominating and Corporate Governance Committee, and as Chairman of the Compensation Committee.
The appointment follows the resignation of Thomas E. McChesney from the board and its committees on December 12. The board also named Murray G. Smith as both a member and chairman of the Nominating and Corporate Governance Committee, and removed William Scott from the Audit and Nominating and Corporate Governance Committees after he was appointed Interim Chief Executive Officer on December 12.
The company stated that Bali meets the independence requirements of the Nasdaq Capital Market and Rule 10A-3(b)(1) under the Securities Exchange Act. According to the filing, Bali has no material arrangements with Golden Matrix Group and is not a participant in any related party transactions requiring disclosure.
Bali, age 54, currently serves as Chairman of Instant Win Gaming and The Football Pools Ltd, and holds board or advisory roles at several companies in the gaming and technology sectors, including Everi Holdings Inc. (NYSE:EVRI) and Rainbow Rare Earths PLC (LSE:RRE). He has previously held senior positions at Aristocrat Technologies Inc. and GTECH Corporation.
Bali will receive compensation consistent with other non-executive board members and will participate in the company’s equity incentive plans, as described in the company’s proxy statement filed on September 23.
The board continues to seek an additional independent director to fill a remaining vacancy.
This information is based on a press release statement and details disclosed in a filing with the Securities and Exchange Commission.
In other recent news, Golden Matrix Group has announced significant changes in its leadership and corporate structure. The company disclosed the resignation of CEO Anthony Brian Goodman, effective immediately, with William Scott stepping in as Interim CEO. This leadership transition was accompanied by a severance and release agreement for Mr. Goodman, totaling $951,750. Additionally, the company reported the resignation of director Thomas E. McChesney, who left with a separation agreement that included a $60,000 cash payment for past services.
In corporate governance developments, Golden Matrix amended its bylaws following unilateral action by majority stockholder Aleksandar Milovanović. The amendments were executed without a formal meeting, leveraging Milovanović’s significant voting power. On the financial front, the company announced a $3 million share repurchase program set to run through December 2026. In terms of market analysis, Freedom Capital Markets has reiterated its Buy rating on Golden Matrix stock, indicating confidence in the company’s core operations despite recent leadership changes.
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