Rashid Varachia has been appointed to the Team17 board as CFO and COO.
- Mark Crawford, current CFO, plans to leave after October 31, 2024, for new ventures.
- Varachia brings extensive experience from Jagex and Codemasters to Team17.
- He led significant growth and strategic acquisitions in the gaming industry.
- Team17 aims for accelerated growth and increased shareholder value with Varachia’s expertise.
Rashid Varachia, an established figure in the gaming industry, has stepped into a dual role at Team17, a prominent indie games developer known for its innovative titles. With immediate effect, he assumes his responsibilities as both chief financial officer and chief operating officer. This strategic move follows the departure of Mark Crawford, the current CFO, who will leave his post on October 31, 2024, to explore new business prospects. The transition is anticipated to be seamless, with ongoing collaboration between Varachia and Crawford to ensure stability within the company.
Varachia’s career is marked by notable achievements in the gaming sector. Prior to joining Team17, he played pivotal roles at Jagex and Codemasters, companies renowned for their contributions to the gaming world. At Jagex, he was instrumental in driving substantial organic growth and masterminding successful acquisitions. A significant highlight of his tenure was his involvement in the May 2024 sale of Jagex to CVC Capital Partners and Haveli Investments, underscoring his expertise in leveraging capital market opportunities.
Before his achievements at Jagex, Varachia served as the CFO at Codemasters, a developer acclaimed for its high-quality racing games. His journey at Codemasters began in 2012 as vice president of finance, progressing to CFO in 2015. During his leadership, he managed the company’s £280 million listing on the London Stock Exchange in 2018 and spearheaded its subsequent sale to Electronic Arts Inc. for $1.2 billion in 2021. Such accomplishments reflect his strategic acumen and proficiency in navigating complex financial landscapes.
Frank Sagnier, Non-Executive Chair of Team17, expressed appreciation for Crawford’s contributions over his five-year tenure and extended a hearty welcome to Varachia. Sagnier noted Varachia’s consistent track record of delivering growth and value to investors, recognising him as a vital asset to Team17’s future ambitions. The board’s decision to appoint Varachia is rooted in confidence that his leadership will advance the company’s growth trajectory and enhance shareholder value. This development aligns with Team17’s broader strategy to expand its market presence and solidify its standing in the gaming industry.
Rashid Varachia’s appointment is set to bolster Team17’s executive team, positioning the company for continued success.
