UK-listed gambling operator Sportech has reshuffled its upper management ranks, bidding goodbye to both its CEO and CFO as it rethinks its business model.

On Monday, Sportech announced that chief executive Ian Penrose and chief financial officer Mickey Kalifa had informed the board of directors of their intention to leave. Penrose (pictured) will be staying on until the end of the year, while Kalifa’s last day will be October 31, although his board seat is officially vacant as of Monday.

Both Penrose and Kalifa have agreed to assist in the selection of their replacements. Kalifa’s finance role will be assumed by Richard Cooper, who currently chairs Sportech’s Audit committee.

Non-executive chairman Richard McGuire, who took over from the retiring Roger Withers in May, hailed the departing execs, saying Penrose had overseen Sportech’s transformation “from a UK focused business into a respected, fully licensed and regulated global gaming technology supplier and gambling operator in the US with a strong balance sheet.”