Michael Moskowitz is no longer CEO of Canadian iGaming operator NorthStar.
Key Takeaways
- Ontario iGaming company appoints new interim CEO.
- Moskowitz departs weeks after NorthStar highlighted cash flow concerns.
- Other changes were made at the executive level.
The company announced the leadership change, effective immediately, on Monday. Moskowitz, who helped found the company and had been CEO since October 2021, also exited as chair of NorthStar’s board of directors.
No reason was given for his sudden departure. NorthStar, which runs a regulated sportsbook and online casino in Ontario, did report during its third-quarter earnings release Nov. 27 that “based on current forecasts, the Company’s cash flow and liquidity position may not be sufficient to fund operating expenditures, including marketing investments, and meet certain debt-related covenants with its senior lender without further action.”
NorthStar reported 4% year-over-year revenue growth to CAD $6.9 million in the third quarter, but the company stated it could seek additional financing to address its cash flow issues. The iGaming operator generated $23.3 million in revenue year-to-date, a 16.5% year-over-year increase during the first nine reported months.
The company said last month it’s on target for full-year guidance at a time when the Ontario market is generating record revenue.
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New face at the helm
NorthStar also confirmed that Corey Goodman will assume the role of interim CEO. Goodman previously served as the iGaming operator’s chief development officer and general counsel, and he’s also a company cofounder.
“Mr. Goodman has been an essential contributor since the founding of the Company," NorthStar director Dean MacDonald said. "The Board has full confidence in his leadership and his deep knowledge of our business. His balanced and disciplined approach will help ensure continuity while we focus on strengthening performance and positioning NorthStar for long-term growth."
NorthStar said Goodman has “extensive” online gaming, operational realignment, and corporate restructuring experience. Goodman will be tasked with refining the cost structure and improving revenue and profitability.
Other executive changes
Donald, who’s served on NorthStar’s board since 2023, will assume the role of chair that Moskowitz left behind.
NorthStar also announced Barry Shafran, chair of the Audit Committee, has resigned from his position. The company thanked him for his “service and contributions,” and said it’s seeking a new chair of the Audit Committee and an independent director. An announcement will be made once those positions are appointed.
