Rashid Varachia is the new CFO and COO at Team17, effective immediately.
- He brings vast experience from his tenure at Jagex and Codemasters.
- Rashid led significant achievements, including Jagex’s sale to CVC Capital Partners.
- Current CFO Mark Crawford exits Team17 to pursue new opportunities.
- Team17 anticipates Rashid’s expertise to bolster growth and investor confidence.
Rashid Varachia has been appointed to the board of Team17, taking on the dual role of Chief Financial Officer (CFO) and the newly established position of Chief Operating Officer (COO), with immediate effect. This strategic move by the company aligns with its objective to enhance leadership strength at a time when growth and value creation are of paramount importance.
Bringing extensive experience from the gaming industry, Rashid transitions from his former role as CFO at Jagex, a renowned developer and publisher of role-playing games, notably the iconic RuneScape franchise. During his tenure since August 2021, he played a crucial part in driving substantial organic growth and orchestrated several successful acquisitions. Notably, in May 2024, Rashid facilitated Jagex’s sale to CVC Capital Partners and Haveli Investments.
Before his accomplishments at Jagex, Rashid was an integral part of Codemasters, a British video game developer acclaimed for its racing games. Joining Codemasters in 2012 as VP of Finance and later advancing to CFO in 2015, he managed the company’s £280 million listing on the London Stock Exchange in 2018. Furthermore, he was pivotal in leading the sale of Codemasters to Electronic Arts Inc. for $1.2 billion in 2021.
Mark Crawford, the outgoing CFO of Team17, is set to step down on 31 October 2024. He will be leaving to explore other business ventures, ensuring a smooth transition as he collaborates closely with Rashid during the handover process. Mark’s tenure is marked by significant contributions to the organisation, and his departure is in pursuit of personal business interests.
Frank Sagnier, Non-Executive Chair of Team17, expressed gratitude towards Mark Crawford for his five-year service and contributions to the company. He welcomed Rashid to the Team17 family, acknowledging him as an experienced professional who consistently delivers growth and investor value in the video games sector. ‘As we seek to accelerate growth and drive shareholder value, I am confident Rashid will be a great addition to the management team.’
Rashid Varachia’s appointment is a strategic step by Team17 to leverage his expertise for future growth and shareholder value enhancement.
