Why Most Founders Are Wrong About Who Should Lead Their Company

In this episode of the iGaming Leader Podcast, Leo sits down with Ramiro Atucha, co-founder of Leander Games and Vibra Gaming, who has done something most founders never do twice: voluntarily stepped down as CEO of two companies he built from scratch.

Ramiro pulls back the curtain on the painful reality of recognising when you are no longer the right person to lead what you created, the difference between ego and self-esteem, and why the best decisions of his life were not really decisions at all.

The conversation spans two decades of building in iGaming, including the moment he stepped aside at Leander to bring in Steven Matsell, how Brazilian regulation is repeating the same mistakes as the UK and Germany, and why, at 50, he chose to become the Miyagi rather than start over again.

Guest Bio

Ramiro Atucha is a gaming industry executive and strategic advisor with more than 20 years of experience building and scaling businesses across Europe and Latin America.

He co-founded Leander Games and later co-founded Vibra Gaming, helping build both into recognised industry names.

He stepped down as CEO of Vibra in mid-2025 and launched Atucha Strategic Advisory in November 2025, where he works as a board-level advisor to operators, suppliers, and investors focused on growth strategy and market expansion across Latin America.

Key Topics Discussed

00:00 – Stepping down from two companies you built: what it actually feels like.
03:00 – The Argentinian restaurant story: how Ramiro saved a Mastermind dinner in Barcelona.
05:00 – The morning you post on LinkedIn that you're leaving the company you co-founded.
07:00 – The accidental marriage proposal: why the best decisions aren't always decisions.
09:00 – As CEO, the ultimate responsibility is always yours. The cost of that over time.
11:00 – Ego vs. self-esteem: why anything driven by ego is cursed.
13:00 – Bringing Steven Matsell in as CEO at Leander in 2012 and stepping into the COO role.
15:00 – Landing Betsson, PokerStars, and VideoSlots: the pressure of delivering on a new scale.
16:00 – Knowing when you're not the right person to lead the next phase of your own company.
18:00 – Essence preservation: what happens when majority shareholders take the company in a direction you can't stop.
20:00 – Fundraising mistakes Ramiro would fix if he were starting Leander today.
23:00 – Launching Atucha Strategic Advisory: why he chose five clients over thirty.
26:00 – Leaders cannot be seen in doubt. The case for confidential peer spaces.
28:00 – LATAM regulators are making the same mistakes as the UK and Germany.
31:00 – Brazil: church politics, $5M licences, and why 60% of the market stays unregulated.
33:00 – Where founder CEOs spend their time incorrectly and where they should overspend it.
35:00 – Alex Tomic and the Alea model: how to untie a founder's hands without losing them.
36:00 – If you were starting Leander today: fight harder for your equity from day one.
38:00 – Validating yourself in new rooms. Why Ramiro loved not knowing anyone at Indian Gaming in San Diego.

Memorable Quotes

"It's always painful to realise that the company you created, you grew as a baby, that you put the hours and the time into... that you're not the right person to continue to lead it."

"I hate the word ego. Anything driven by ego is cursed. Self-esteem is a lot better. My self-esteem is bulletproof. Nobody loves me more than myself."

"You need to know: 'I really messed up here. Really messed up.' I still love me. That's what allows you to accept that you messed up."

"As CEO, the ultimate responsible is you. If a bill is not paid, you cannot hide behind finance."

"Imagine you're in a boat and all of a sudden the captain says: 'I have no clue where we are.' People will start jumping out of the boat."

"I didn't feel the need to do it again. With Vibra, I felt the need to prove my stripes as CEO. After Vibra, I didn't need that anymore."

"The company needs to make more money by working with me than they did before. That's how I'll be judged."

Important Links

Follow Ramiro Atucha on LinkedIn: https://www.linkedin.com/in/ramiro-atucha-3a69054
Follow Leo Judkins on LinkedIn: https://www.linkedin.com/in/leo-judkins/
Subscribe to the iGaming Leader newsletter: https://www.igamingleader.com/signup
Join the iGaming Leader Mastermind: https://www.igamingleader.com/

This episode is sponsored by Sumsub, the leading identity verification provider for iGaming operators. Learn more at https://sumsub.link/8gu