05:26 PM EDT, 07/07/2025 (MT Newswires) -- Enthusiast Gaming ( EGLXF ) after trade Monday said it appointed Alex Macdonald as its new chief executive officer, effective Sunday.

Macdonald, a founding executive of the company, has served as chief financial officer since January and previously held the same role from 2019 to 2023. He succeeds Adrian Montgomery, who stepped down from his role as interim CEO on the same date.

In addition to the CEO change, JB Elliott has been named president and chief operating officer. Elliott joined Enthusiast Gaming ( EGLXF ) in 2022 and most recently served as chief strategy officer and general counsel, the company said.

Nathan Teal has been appointed interim CFO. Teal has been with the company for six years and most recently served as senior vice president of finance, following his earlier role as VP of finance beginning in 2019, the company added.

Alongside these leadership changes, Enthusiast Gaming ( EGLXF ) said it signed a letter of intent to sell its direct sales business to an entity controlled by Montgomery. The proposed transaction includes Omnia Media, which holds the company's YouTube creator services business, GameCo Esports Canada, which oversees its esports operations, including Luminosity Gaming, and other assets, contracts, and personnel connected to the company's direct sales operations.

The LOI is non-binding and subject to a definitive agreement, which both parties expect to finalize by July 31, along with standard approvals and closing conditions. The deal is expected to result in about $10 million in annual cost savings, according to the statement.