Savvy Games Group CEO Brian Ward Steps Down

Savvy Games Group CEO Brian Ward is stepping down. The leadership change was announced to staff on Tuesday, according to a Bloomberg report.

Turqi Alnowaiser, deputy governor of Saudi Arabia's Public Investment Fund (PIF) and head of its International Investments Division, will now serve as interim acting CEO. Ward reportedly told staff that "the right time" had come for new leadership as the Saudi gaming entity enters its next phase.

Ward joined Savvy in 2021. He oversaw the company's aggressive expansion into the global games market through major investments and acquisitions.

Major Investments and Acquisitions

Under Ward's leadership, Savvy deployed a significant portion of its massive investment fund. In March, Ward stated that Savvy had invested around $13 billion of its total $38 billion commitment.

One of the most notable deals was the $4.9 billion acquisition of mobile games company Scopely. Scopely is the developer behind the hit title Monopoly Go, which has reportedly generated $6 billion in revenue.

The leadership transition coincides with the recent completion of another colossal deal. The PIF has just finalized its $55 billion acquisition of Electronic Arts, one of the largest transactions in video game industry history.

Portfolio and Esports Strategy

Savvy's portfolio grew substantially during Ward's tenure. The company acquired Pokémon Go from Niantic. It also received a major transfer of assets from its parent fund.

In January, the PIF transferred approximately $12 billion worth of shares in several prominent gaming companies to Savvy. This portfolio included stakes in Bandai Namco and Nintendo.

Savvy's strategy also extended into the competitive gaming scene. The group invested in a range of esports companies. However, these esports ventures have produced mixed results, including layoffs and scaled-back investment plans.

Pending Deals and Future

One major acquisition remains pending. Savvy is still waiting to close its planned $6 billion purchase of mobile games company Moonton Games.

The source, PocketGamer.biz, notes that Ward previously discussed Savvy's merger and acquisition plans in an interview this past March. In that discussion, he also shared his thoughts on the Chinese market and the rising influence from Eastern regions.

With Ward's departure, interim CEO Turqi Alnowaiser will guide Savvy Games Group into its next period of growth. The company continues to be a central vehicle for Saudi Arabia's ambitious investments in the global video game industry.