Brian Ward, the CEO of Savvy Games Group, the Saudi Arabian fund dedicated to electronic entertainment investments, is stepping down. The departure comes as the approximately $38 billion fund, established in 2021, continues to make significant acquisitions in the gaming sector. Bloomberg reported Ward's exit, citing a message to staff where he stated the move is appropriate for the fund's "next period of transformational growth."
Turqi Alnowaiser, governor of Saudi Arabia's Public Investment Fund (PIF) which backs Savvy Games Group, will assume the role of interim CEO. This transition places a key figure from the PIF directly in charge of Savvy, removing a layer that previously separated the gaming investment entity from its sovereign owner.
Ward's tenure at Savvy Games Group saw the acquisition of major stakes in numerous gaming companies and the significant purchases of mobile game developers Scopely, known for Monopoly Go!, and Niantic, the creator of Pokémon Go. Before leading Savvy, Ward held executive positions at Activision in the late 2000s and led the lottery gaming company LottoInteractive. His departure occurs amidst broader management changes across PIF's portfolio as the investment vehicle reportedly seeks to manage costs.
The investment landscape surrounding Saudi Arabia's engagement with gaming has seen significant activity. Notably, Saudi Arabia recently facilitated the $55 billion leveraged buyout of Electronic Arts, a deal managed directly by Saudi Arabia and separate from Savvy Games Group's investments. This dual approach has reportedly created some internal confusion regarding Saudi Arabia's overarching strategy for its gaming-related ventures. Savvy Games Group still holds a substantial portion of its $38 billion war chest for future acquisitions, and is currently in the process of finalizing a $6 billion deal to acquire Chinese mobile giant Moonton Games.