Bragg Gaming Group chief executive Matevž Mazij has resigned from the company’s board of directors following a shareholder vote against his re-election at the AGM on 18 June 2026.
Shareholders voted 55.67% to 44.33% against re-electing the Slovenian gaming executive, triggering his resignation offer in line with Bragg’s corporate bylaws.
The result represents a significant setback for Mazij, who was appointed CEO of the iGaming games developer, aggregator and PAM supplier back in August 2023.
Mazij had previously founded one of the business’ precursor companies and served as chair of the board before taking the top executive role.
He will remain a director until his resignation is formally accepted, a successor is appointed, or 90 days pass, a deadline that falls on 16 September 2026.
SEC filings relating to the AGM revealed that Mazij had signed a consulting agreement with Bragg worth €485,000, with an additional 150% performance-based award also included.
The same filing confirmed that if Mazij is terminated without cause, Bragg would be required to pay him an additional year’s fee, including the potential performance bonus.
Shareholder frustration has been building amid a flatlining share price that has fallen nearly 60% over the past year to $1.73, leaving many investors deeply unhappy with the company’s trajectory.
A significant blow came when Bragg announced in August last year that it would miss guidance, triggering a share price drop from which the business has never recovered.
Mazij’s decision to reduce his personal stake in the company from 17.7% to 13.55% for C$2,078,000 in proceeds, citing “urgent personal financial circumstances”, is also understood to have rankled investors.
Bragg’s decision to end its strategic review in November 2024 is believed to have further disappointed shareholders who had hoped the process might yield a sale or major corporate transaction.
SEC filings confirm Mazij received US$703,022 in fees from the consulting agreement during the previous year, a figure likely to attract scrutiny given the company’s poor market performance.
The business has also pursued aggressive cost-cutting measures, including a 12% reduction in its workforce announced in January 2026, with restructuring reported to have been ongoing for roughly two years.
It remains unclear whether Mazij intends to continue serving as CEO following his board exit or whether he will step down from the executive role entirely.
Bragg COO Morten Tonnesen has been identified as one potential successor should Mazij’s position become untenable in the weeks ahead.
