In light of the current situation at the NASDAQ publicly traded company, NetEnt, Per Eriksson has been ousted from his position as CEO, which he held for a little over five years.
Ever since last month saw the release of Q4 results and their discrepancy with set targets in terms of progress and profit, NetEnt has found themselves in a rather complex situation.
On the whole, the company is advancing in some areas, but the overall decrease of 3.9 per cent in operating profits made the bigger picture rather grave. In an attempt to take brisk and efficient steps, the board have made their decision effective immediately, with CFO Therese Hillman appointed as acting CEO until a permanent solution is found.
Per Eriksson has successfully run the company since 2012, and managed to achieve several breakthroughs, including the rise in the corporate stock value and their access to unexplored markets, including the US.
Board chairman, Vigo Carlund has personally stated: “NetEnt has developed well over many years and several parts of the business are still developing well, for example in regulated markets, but the overall performance of the group has not been as it should” meaning that Eriksson did a good job, just not good enough for recent projections.
As everyone is adjusting to temporary rearrangements, the board issued another realistic statement through their chairman: “The value creation potential in NetEnt remains significant. The online gaming market has structural growth driven by the migration from offline to online gaming… The board would also like to extend its gratitude to Per Eriksson for his time as CEO for NetEnt.”
Directly following this announcement, NetEnt AB shares suffered a drastic plunge in Stockholm, as expected.