Key Moments:
- Harald Neumann stepped down as CEO of Ainsworth Game Technology Ltd after his Nevada license application was withdrawn
- Ryan Comstock has been named Acting CEO effective immediately, with a comprehensive search underway for a permanent successor
- Ainsworth shares (ASX:AGI) closed 1.40% lower at AUD 1.06 following the leadership change
Leadership Transition at Ainsworth
Ainsworth Game Technology Ltd has announced the immediate resignation of Chief Executive Officer Harald Neumann, just days after withdrawing his Nevada gaming license application. The company’s filing to the Australian Securities Exchange (ASX) acknowledged Neumann’s contributions. It confirmed that the board decided on his departure after the Nevada Gaming Control Board (NGCB) recommended a review.
The NGCB urged Neumann to withdraw his license application. As a result, Ainsworth re-evaluated his leadership position at the company. That process concluded with Neumann’s immediate exit, according to the official statement.
Appointment of Acting CEO Ryan Comstock
Ainsworth has named Chief Operating Officer Ryan Comstock as Acting CEO, effective immediately. The company stated it would consider both internal and external candidates in a formal search for a permanent chief executive.
Comstock joined the company in 2012 and became COO in 2018. He brings expertise across finance, manufacturing, compliance, and several other business areas. Prior to Ainsworth, he spent nearly ten years at Deloitte, working in audit and assurance for clients in relevant industries. He holds degrees in Accounting and Computer Information Systems from the University of Nevada, Reno, and is a Certified Public Accountant. Comstock is also involved with several professional boards, including the Nevada State Board of Accountancy and the Association of Gaming Equipment Manufacturers.
For the time being, Comstock’s compensation remains unchanged as the board reviews appropriate remuneration for his interim responsibilities. Any updates to his pay package will be disclosed separately to the ASX in accordance with the company’s reporting obligations.
Regulatory Hurdles Lead to CEO’s Departure
The restructuring at the top follows a critical episode involving Neumann’s license application with the Nevada Gaming Control Board, a process essential for Ainsworth’s ability to operate in the United States. Pressures mounted after allegations arose at a 90-minute NGCB hearing, during which Neumann was accused of misleading investigators and withholding records, issues that affected the board’s ability to conclude its review.
Retired judge George Assad of the NGCB stated, “Your behaviour is very unusual, to say the least. I’ve got eight different issues here that our investigators say were very problematic for them to conduct their investigation because of your being ‘very difficult to work with’, ‘disrespectful’, ‘arrogant’, ‘raising your voice’, which you’ve admitted to.”
Subsequent to the hearing, Ainsworth Chairman Danny Gladstone noted that the company was assessing Neumann’s position, stating, “The board is undertaking a review of Mr Neumann’s role following the outcome of the NGCB’s meeting and will provide further details to the market once this review is completed.”
Background: Investigations and Shareholder Dynamics
Neumann, former CEO of Novomatic AG from 2014 to 2020, has been under investigation in Austria since 2019 over alleged corruption involving far-right politicians. Neumann has denied these accusations. As reported by the Australian Broadcasting Corporation (ABC), Neumann was “under investigation over alleged corruption involving far-right politicians in Austria – allegations he strenuously denied.” Ainsworth confirmed that all but one of these investigations have been closed and emphasized its compliance with ongoing disclosure requirements.
Novomatic, owner of the Admiral Casino brand, is Ainsworth’s largest shareholder. Through a series of acquisitions and after a takeover bid at AUD 1 per share, Novomatic increased its stake to 61.5 percent as of October 2025. The offer faced pushback from minority shareholders, with Kjerulf Ainsworth, son of company founder Len Ainsworth, describing the bid as undervaluing the business. Corporate governance concerns were echoed by expert Helen Bird, who earlier commented, “He was the CEO of your now major shareholder who has made an off-market takeover. Where you have those conflicts, you’ve got to be even more careful and seek legal advice.”
Market Reaction
Following the executive changes, Ainsworth shares (ASX:AGI) ended the session 1.40 percent lower at AUD 1.06. This leadership shift highlights the company’s ongoing navigation through regulatory and governance challenges as it faces increased scrutiny in key markets.
| Executive | Role | Effective Date |
|---|---|---|
| Harald Neumann | CEO (Resigned) | Immediate |
| Ryan Comstock | Acting CEO | Immediate |
- Author
Daniel Williams
