Tobias Fagerlund, CEO of Global Gaming 555, has announced that he will step down from his position ‘with immediate effect’.
The resignation comes as the online gambling operator enters a ‘ new phase’ which needs its leadership to operate from Estonia and Malta, where its operating units are based.
Fagerlund was named as the acting CEO of Global Gaming in April 2019, following the resignation of former incumbent Joacim Möller as the online gambling company was put under investigation by Swedish regulator Spelinspektionen of ‘serious operational deficiencies’.
During his term, Fagerlund would lead a series of unsuccessful Swedish high court appeals against Spelinspektionen licence revocation of flagship brand Ninja Casino.
The board of Global Gaming announced that Fagerlund will remain “at the disposal of the board and the company.”
Chairman of the Board of Global Gaming, Nikla Braathen commented: “It is my opinion that Tobias during his time as CEO led Global Gaming in a very meritorious way. Tobias has implemented a large package of restructuring measures and shown evidence of a strong and clear leadership that was absolutely necessary for the company. Tobias has, with great success, laid a good foundation for Global Gaming’s future operations.
“Now, however, the company is facing a new phase and we have identified a number of measures necessary to further strengthen the company’s position. The CEO has worked from Stockholm, where he has been the company’s only employee, and there is a need for leadership to operate where our operating units are allocated, in Estonia and Malta.
“On behalf of the board and the company, I would like to thank Tobias for his work, and would like to point out that during the time I have been chairman of the board, we have had a very good collaboration and that I look forward to continuing in various forms.”
Christian Rasmussen will take the helm as the company’s new Acting CEO, with his appointment effective immediately. Rasmussen is expected to manage the role ‘ on a consultative basis’.
With the goal of finding a new CEO, Global Gaming outlined its plan to begin a recruitment process.
Earlier today, Entertainment Laboratories made its mandatory public offer to acquire the remaining shares in Global Gaming, after previously bringing its holding in the company to 27,266,114 shares which corresponds to 66.70 per cent stake.
The bid value for the remaining 13,611,386 global gaming shares is SEK 11 per share, or SEK 149.72 m (£13.18 m), and thus prices all the company’s shares at approximately SEK 450 m (£39.63 m).