Amaya CEO David Baazov Officially ResignsPublished August 15, 2016 by Florin P
Amid criticism, David Baazov steps down as Amaya CEO.
When news broke out at the end of March that David Baazov was charged with insider trading by the Quebec securities regulator, Amaya stocks took a blow. Earlier this year, Baazov expressed his intention of taking over the publicly traded company that owns PokerStars via an all-cash offer. Now he officially resigned as Chief Executive Officer as well as all other positions within the company.
A Not So Voluntary Leave of Absence
David Baazov had to step aside after the Autorité des Marchés Financiers hit him with five charges in late March. His brother was also charged with insider trading as well as a few other of his business partners. Baazov told the media at that point that the accusations were false and that he will contest them vigorously. He still claims his innocence and says that he decided to resign to protect the company.
In turn, Amaya stated in a press release that it acknowledges the contribution made by David Baazov and thanks him for his efforts. Rafi Ashkenazi is now the acting CEO and in the wake of Baazov resignation will assume a permanent position for PokerStars.
The Meteoric Rise of David Baazov
When little David decided to quit school at 16 years old, his parents didn’t approve. He proved them and the world wrong by building a fortune and becoming a very wealthy man at 35 years old. He started Amaya in 2006 and turned it into one of the most profitable gambling companies in the world. The corporation emerged as a global gaming leader after acquiring the Rational Group. In late 2014, Forbes reported that Baazov's 12.5% stake in Amaya was worth $800 million.