Paris Smith steps down as CEO of Pinnacle, takes on advisory role

Paris Smith, the long-serving chief executive of Pinnacle, has announced that she will be stepping down from her position after almost 17 years. Smith said that the move would allow her to step away from the "intense" day-to-day requirements of being CEO. 

In a post on her LinkedIn page, Smith stated that she would be taking on a new advisory role with the operator, allowing her to explore "new opportunities and strategic projects" alongside Pinnacle's chairman, Magnus Hedman.

"Throughout my time at Pinnacle, the company has grown in both scope and size, often seeing opportunities to be a market leader," Smith said in the post. "My passion for the industry and the people in the industry will never leave me."

Smith also confirmed in the post that Pinnacle has already started a search to identify and appoint her replacement. The betting site has not yet announced any timeline for a decision or if the change in leadership will prompt a change in the bookmaker's strategy.

Pinnacle is considered to be one of the most influential sports betting sites in the world, with odds that are widely viewed as some of the sharpest in the industry. The bookmaker prides itself on its lower margins, higher limits, and welcoming approach to winners.

The firm has been experiencing years of growth, including its first license in North America after launching regulated Ontario sports betting last year. The operator has long been a player in the "grey" market, and its .com site is still licensed in Curaçao.

Smith's departure from the CEO position comes after years of leading Pinnacle to grow within the industry. In her post, Smith thanked everyone who made the last 17 years at Pinnacle and the previous 11 years in the industry such "a special part" of her life.

"There is no question that Paris Smith leaves a lasting legacy in her time as Pinnacle’s CEO, and we thank her for all that she has done," Magnus Hedman, Pinnacle Chairman said in an official statement. "We are excited to be with her as she continues to blaze new trails in what is already a Hall of Fame career." 

Overall, Smith's move to an advisory role marks the beginning of a new chapter for Pinnacle, and the industry as a whole will be watching closely to see how the bookmaker will continue to grow and innovate under new leadership.