Ainsworth Game Technology (AGT) has replaced its chair and company secretary after both resigned over media reports of personal payments totalling AU$15 million made to them by company founder Len Ainsworth following Novomatic’s acquisition of a majority stake in 2018.
Departures and Background
Danny Gladstone, independent non-executive chair, and Mark Ludski, company secretary, stepped down from their roles effective immediately. Both confirmed in filings with the ASX that the decision followed reports — first published by the Australian Financial Review in February 2026 — that Gladstone received AU$10 million and Ludski AU$5 million from Len Ainsworth after he sold his controlling stake to Novomatic AG in 2018.
The payments had been publicly acknowledged by Gladstone and Ludski at AGT’s Annual General Meeting the previous week. AGT said there was no suggestion of wrongdoing in connection with those payments, but noted the pair had concluded that their departure was in the company’s best interests.
“Gladstone and Ludski have decided it is in the best interests of AGT for them to resign so that AGT can move past these distracting complaints in order to focus on the execution of its strategic priorities.” — AGT
Gladstone had served at AGT since 2007, initially as chief executive and executive director before moving into the non-executive chair role in 2019. Ludski joined the company in 2000 and served approximately 22 years as chief financial officer before taking on the company secretary role.
New Board Structure
Graeme Campbell has been appointed as the new chair. Campbell brings more than 30 years of experience in corporate consultancy focused on hotels and registered clubs, and has served as an independent non-executive director since 2007. He has also been appointed to AGT’s Regulatory and Compliance Committee (RCC), with independent non-executive director Heather Scheibenstock replacing Gladstone as RCC chair.
AGT said Campbell’s appointment follows the March 2026 addition of non-executive director Birgit Wimmer to the board. The board also includes Dr Haig Asenbauer, an international attorney serving as non-executive director since 2023, and Scheibenstock, who joined as independent non-executive director in 2022. AGT said a search for a further independent non-executive director will begin immediately.
On the executive side, CFO Lynn Mah has been appointed as interim company secretary. Mah has served as CFO since January 2023 and previously held the assistant company secretary role at AGT, where she developed familiarity with ASX Corporate Governance Principles and ASX Listing Rules. She holds a Graduate Diploma in Applied Corporate Governance from the Governance Institute of Australia and has been a Fellow of the Governance Institute since 2021. Andrew Kabega of BoardRoom has been appointed as interim joint company secretary. Kabega brings experience across ASX and ASIC compliance and has previously acted as company secretary for several ASX-listed companies. For the purposes of ASX Listing Rule 12.6, Kabega will serve as the primary contact for communications between AGT and ASX.
US Regulatory Inquiry Resolved
In the same filing, AGT addressed a separate matter: an inquiry by The Forest County Potawatomi Gaming Commission in Wisconsin into its US subsidiary, AGT US, following allegations raised by Kjerulf Ainsworth — the son of company founder Len Ainsworth and a minority shareholder who has been in ongoing dispute with Novomatic over governance at AGT.
AGT said the Commission found that AGT US had fully complied with all requests made during the review process. The Commission renewed AGT US’s licence on 28 May 2026 and confirmed that AGT US’s licence remains in good standing, with no adverse impact to its regulatory suitability in that jurisdiction.
Shareholder Context
The departures cap a period of heightened tension at AGT. Novomatic, which holds approximately 67% of the company following a takeover bid that concluded in February 2026, has faced sustained opposition from Kjerulf Ainsworth, who has increased his stake to 9.55% through a series of on-market acquisitions during May 2026. Two governance resolutions put forward by Novomatic at the AGM were voted down. Under Australian law, Novomatic — which issued a “full and final” bid of AU$1.00 per AGT share — will be eligible to put forward a renewed bid from 8 June 2026. AGT shares closed at AU$1.50 on the day of the AGM.
The board rebuild will be closely watched by both Novomatic and minority shareholders as AGT moves into its next governance cycle. A further independent non-executive director appointment is expected to be the first tangible test of whether the reconstituted board can satisfy both camps.
For more on governance and leadership changes across the sector, see Leadership & Appointments and the related coverage of Austria’s advancing online gambling law changes, which involves Novomatic’s home market regulatory environment.
Source: Ainsworth Game Technology
