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The Swedish gambling industry giant NetEnt announced late yesterday that the company's Board of Directors had decided to replace their current CEO and President Per Eriksson with an immediate effect. Therese Hillman will be acting as an interim CEO as the company looks for an adequate replacement for Eriksson.
Overall Results not Satisfactory
The decisions to replace Eriksson was not made lightly. He joined NetEnt as the CEO in March of 2012 and the company was thriving under his lead. However, the Board believes that NetEnt's performance lately hasn't been in line with the expectations; more specifically, 2017 was disappointing for the company.
In the PR announcing this major decision, it was explained that the company is still doing very well in particular segments of their business, such as regulated markets, but the overall performance hasn't been satisfactory. The Board of Directors believes that a new driving force is needed to stop the negative trend and focus on growing the company.
There Hillman, who will temporary replace Eriksson, also acts as NetEnt's Chief Financial Officer and she will continue in this role as well.
Boosting the Balance Sheet
The Board believes NetEnt has a strong value creation potential and a very strong brand in the online segment of the gambling market. Thus, with a new person at the helm, they hope to continue the growth and reverse any negative tendencies. The company has extended its gratitude to Mr. Eriksson for his time and efforts during his time as the CEO.
The announcement has had a strong immediate effect on NetEnt shares, which have dropped 11.5% since this morning (at the moment of writing this article) and the negative trend continues. The upset isn't anything unusual after such major announcements, but the Swedish company will probably look to bring in the new CEO as soon as possible to reassure their shareholders the future still looks bright and promising.
