Six months on from Harald Neumann’s resignation as Ainsworth Game Technology’s (AGT) Chief Executive Officer, the slot manufacturer has confirmed that Acting CEO Ryan Comstock will take up the role on a permanent basis.
Comstock stepped into the role in October after Neumann’s position became untenable following the Nevada Gaming Control Board’s (NGCB) decision not to award the Austrian a licence.
At the time, AGT said that it would complete a ‘comprehensive search’ for a new CEO and would consider both internal and external candidates.
Before becoming Acting CEO, Comstock had been the company’s Chief Operating Officer since 2018. Prior to joining AGT in 2012, he spent almost a decade with Deloitte’s audit and assurance practice, where he served Gaming, Manufacturing and Technology companies.
On the decision, a statement from AGT said: “The Board considered that Mr Comstock has the necessary attributes and experience gained across all operational areas of the Company to undertake the role of CEO.
“The Board reviewed and assessed the performance of Mr Comstock over the six months since his appointment as the Acting CEO in October 2025. His extensive knowledge across all operational areas of the Company, together with initiatives undertaken by him, were considered in determining his appointment.”
Public grilling
Neumann, who was also previously the CEO of Novomatic, stepped down from his role as the leader of AGT after a tense public hearing with members of the NGCB.
He was accused of being hostile and belligerent with agents who were conducting a vetting process, and officials noted that he did not provide direct answers when questioned during the hearing.
The board also probed his former relationship with an AGT employee in Australia, which Neumann said only constituted several dinner dates, but also admitted breached AGT’s fraternisation policy.
“I think the totality of the circumstances has left you unable to meet your burden to prove suitability at this moment,” said Nevada Board Chair Brian Dreitzer during the hearing, who also expressed ‘grave concerns’ over Neumann’s conduct with agents.
A blow to Novomatic
Neumann had been installed as CEO of AGT in 2021 with the hope of helping to lead Novomatic’s attempt to take control of the ASX-listed company.
After an initial takeover attempt failed last year, Novomatic has pushed on with an off-market takeover, increasing its shareholding to around 67% at the time of writing.
However, the Austrian gaming giant’s bid to purchase all shares that it did not already own for AU$1 (£0.53) per share failed in February, as it did not gain enough to take full control of AGT.
In retaliation, Kjerulf Ainsworth, the son of AGT’s Founder Len Ainsworth, has also sought to increase his own shareholding in AGT through a number of offers of AU$1.30 (£0.69) per share.
Ainsworth has been an outspoken critic of Novomatic after repeatedly labelling its offer as significantly undervaluing AGT.
The latest of his schemes ended on 27 April, and he now has an 8.24% share in AGT.
Australian Stock Exchange rules have prevented Novomatic from making a new offer in the four months after its latest proposal ended.
With the cooling-off period set to end next month, coupled with the financial outlay already committed by Novomatic to the takeover attempt, it’s likely that Novomatic will launch a new bid for total control in the second half of 2026.
However, given the lack of success of its offer, as well as that of Kjerulf Ainsworth, it’s clear that a much-improved bid will be required to pique the interest of AGT’s minority shareholders.
