Australian gaming equipment manufacturer Ainsworth Game Technology Ltd has announced the immediate resignation of long-serving chairman Danny Gladstone and company secretary Mark Ludski, following renewed attention on personal payments they received more than eight years ago.
The departures were disclosed in a filing submitted to the Australian Securities Exchange (ASX). The company said both executives had chosen to step down after recent media reports highlighted bonus payments made to them by company founder Len Ainsworth in 2018.
Executives leave with immediate effect
According to the filing, Gladstone and Ludski informed the board that they had decided to resign in light of the recent reports.
Ainsworth Game stated that both men believed their departure would allow the company to move beyond the issue and focus on its business objectives.
“The board wishes to acknowledge and express their appreciation to both Gladstone and Ludski for their leadership and significant contributions to Ainsworth Game over many years with the company,” the filing said.
Gladstone joined Ainsworth Game in 2007 as chief executive officer and executive director. He later became a non-executive director and has served as chairman since 2019.
Ludski joined the company in 2000 and spent around 22 years as chief financial officer before taking on the role of company secretary.
Reports revived interest in 2018 payments
The resignations follow a report published by the Australian Financial Review in February. The report stated that Gladstone received an AUD10 million bonus while Ludski received AUD5 million from founder Len Ainsworth shortly after Austrian gaming technology group Novomatic acquired a majority stake in Ainsworth Game.
The Novomatic transaction was completed in early 2018.
There has been no suggestion of wrongdoing by Gladstone, Ludski, Len Ainsworth or any other party in relation to the payments.
However, the issue has remained in the spotlight as Ainsworth faces a broader dispute involving members of the founding family.
New leadership appointed
Ainsworth Game has moved quickly to fill the vacant positions.
The company appointed Graeme Campbell as chairman with immediate effect. Campbell has served as an independent non-executive director since 2007 and brings more than three decades of experience in corporate consultancy, particularly in the hotel and registered club sectors.
The company also named Lynn Mah, its chief financial officer, as interim company secretary.
In addition, Andrew Kabega of corporate services provider BoardRoom Pty Ltd has been appointed interim joint company secretary.
Regulatory review clears US subsidiary
The ASX filing also addressed allegations made by Kjerulf Ainsworth, a son of company founder Len Ainsworth, concerning the group’s US operations.
According to Ainsworth Game, allegations submitted by Kjerulf Ainsworth to the Forest County Potawatomi Gaming Commission regarding AGT US, the company’s American subsidiary, were reviewed by the regulator.
The company said the commission renewed AGT US’s licence on 28 May 2026 and confirmed that the licence remains in good standing.
Ainsworth stated that the regulator found no adverse impact on the subsidiary’s regulatory suitability within its jurisdiction.
Shareholding dispute continues
Kjerulf Ainsworth has been engaged in a dispute with the company over the valuation of its shares.
The latest developments come as he continues to build his position in the business. A filing released on Wednesday showed that he had increased his shareholding to 9.55 per cent through a series of on-market purchases made during May.
The resignations of Gladstone and Ludski mark a significant leadership change for Ainsworth Game as the company seeks to focus on its strategic priorities while managing ongoing shareholder and governance-related matters.
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