Team17 Group plc (LON:TM17), a leading global independent games developer and publisher of premium video games and apps, has announced the appointment of Rashid Varachia to the Board as Chief Financial Officer, and to a newly-created position of Chief Operating Officer, with immediate effect.
Mark Crawford, the Group’s current Chief Financial Officer, is stepping down on 31 October 2024 to pursue other business interests and is working with the Company to ensure an orderly handover.
Rashid is an experienced Chief Financial Officer with significant video games, M&A and capital markets experience. He joins Team17 from Jagex, a developer and publisher of role-playing and online living games, including the iconic RuneScape franchise, where he has held the role of Chief Financial Officer since August 2021. During his tenure he helped deliver considerable organic growth and several successful acquisitions. In May 2024, Rashid was instrumental in the sale of Jagex to CVC Capital Partners and Haveli Investments.
Prior to Jagex, Rashid was Chief Financial Officer at Codemasters, the award-winning British video game developer and publisher specialising in high-quality racing games. Rashid joined Codemasters in 2012 as Vice President of Finance, before being appointed Chief Financial Officer in 2015. In 2018 he was an integral part of the team that oversaw Codemasters’ £280 million listing on the London Stock Exchange and in 2021 led the sale of the business to Electronic Arts Inc. for $1.2 billion.
Rashid is a Chartered Certified Accountant who trained with KPMG UK.
Frank Sagnier, Non-Executive Chair of Team17, commented:
“Firstly, I’d like to thank Mark for his contribution to Team17 over the last five years and wish him well in all his future endeavours.
“I would also like to welcome Rashid into the Team17 family. He is a proven CFO and experienced video games industry professional, who has consistently delivered growth and value to investors in the sector. As we seek to accelerate growth and drive shareholder value, I am confident Rashid will be a great addition to the management team.”
Additional information on Rashid Varachia
Rashid Ismail Varachia (ACCA), aged 53, is currently or has previously been a director of the following companies within the past five years:
| Current Directorships | Past Directorships (5 years) |
| Finchall Associates Limited | June UK Ltd |
| June UK Finco LimitedJune UK Midco LimitedJune UK Bidco LimitedJagex Limited | |
| Codemasters Group Limited | |
| Codemasters Software LimitedCodemasters LimitedCodemasters Holdings LimitedCodemasters Development Company LimitedCodemasters Group Holdings LimitedCsc3 LimitedCsc1 LimitedDigital Computers LimitedSensible LimitedIotech Studios LimitedIotech Engine LimitedSms Virgo LimitedSms Phoenix LtdSms Hydra Ltd.Sms Apollo LtdMiddleware LimitedSlightly Mad Studios Limited |
Save as disclosed above, there is no further information required to be disclosed pursuant to Schedule 2, paragraph (g) of the AIM Rules.
