Laurence Escalante, founder of Virtual Gaming Worlds (VGW), has stepped down as Executive Chairman and Chief Executive Officer of the company, effective immediately.
This decision follows Escalante's leave of absence earlier this year after facing criminal charges in Western Australia. The company has maintained that the allegations are unrelated to its business and are personal in nature.
Escalante was on leave since January and had denied the allegations, stating they were untrue and would be defended. The charges include persistent family violence, aggravated assault, aggravated burglary, and multiple drug offences.
The company's leadership transition is underway, with senior executive Mats Johnson continuing to lead the business while a global search for a permanent chief executive is conducted.
Johnson credited Escalante with building the company from its launch in Perth in 2010 into one of Australia's largest privately held businesses with a major presence in the United States.
VGW has a global presence, delivering world-class entertainment to millions of players through its sweepstakes platforms, including Chumba Casino and Luckyland Casino.
The company's annual revenue is approximately $4 billion, and the existing executive leadership team will continue managing the business until a permanent CEO is appointed.
The search for a permanent CEO is ongoing, with no timeline provided for completion.
