Team17 taps industry veteran Varachia as its new CFO

30th Oct 2024 09:03

(Sharecast News) - Video game developer and publisher Team17 announced the appointment of Rashid Varachia as its new chief financial and chief operating officer on Wednesday.

The AIM-traded firm said Varachia would join the board with immediate effect, taking on the newly-created COO role alongside his CFO duties.

He was succeeding Mark Crawford, who would step down on 31 October to pursue other business interests, and would work closely with Varachia for a smooth transition.

Team17 said Varachia would bring substantial experience in the video game industry, mergers and acquisitions, and capital markets.

He was joining the company from Jagex, known for the popular RuneScape franchise, where he had served as CFO since 2021.

During his tenure at Jagex, Varachia played a key role in driving organic growth, supporting several acquisitions, and facilitating the company's sale to CVC Capital Partners and Haveli Investments in May.

Before his time at Jagex, Varachia was the CFO at Codemasters, a British developer focused on racing games.

He contributed to Codemasters' successful £280m listing on the London Stock Exchange in 2018, and led its 2021 acquisition by Electronic Arts for $1.2bn.

A Chartered Certified Accountant, Varachia trained with KPMG UK.

"Firstly, I'd like to thank Mark for his contribution to Team17 over the last five years and wish him well in all his future endeavours," said non-executive chair Frank Sagnier.

"I would also like to welcome Rashid into the Team17 family - he is a proven CFO and experienced video games industry professional, who has consistently delivered growth and value to investors in the sector.

"As we seek to accelerate growth and drive shareholder value, I am confident Rashid will be a great addition to the management team."

At 0838 GMT, shares in Team17 Group were up 3.07% at 218.5p.

Reporting by Josh White for Sharecast.com.