Swedish gaming company, Global Gaming (GLOBAL:FN Stockholm), has announced that Joacim Möller has stepped down from his role as Chief Executive of the Malmö- headquartered company effective immediately.
The confirmation came via a market update, also explaining that, Tobias Fagerlund, the firm’s director, has been appointed acting Chief Executive Officer on a temporary basis.
Replacement search:
According to a recent news report…
The online gaming company responsible for Ninja Casino also confirmed that it has embarked upon an executive search for a long-term replacement for Möller and for Fagerlund who has been since June 2016 a member of the Global Gaming board.
After Möller last April replaced former Chief Executive incumbent Stefan Olsson, this is the second leader search in less than a year for the company.
Market demands:
In the investor update, the Sweden-based company stated that it was in need of significant changes so that it could adjust to the country’s tough new regulatory market demands.
“It is the Board’s opinion that Global Gaming is a fundamentally strong company with great potential to continue to be a significant player in the Swedish market. In order to succeed, the company’s adaptation to be further intensified. It is the Board’s opinion that the extensive work and the way forward needs new leadership,” as reported by the news agency.
Global Gaming added…
“Tobias has extensive experience from leading operational positions and board appointments in the gaming industry and listed companies and great insight into the challenges and necessary measures that the company faces.”
New laws:
On January 1, new laws came into effect to legalize and regulate iGaming in the Scandinavian nation. Since then, it has been suggested by many operators that the new tax rate, high competition and operating restrictions have adversely impacted revenue.
Earlier this month plans the Nasdaq Stockholm-listed operator had to issue a dividend to shareholders was canceled as a result of its own operating struggles in its home country of Sweden, after missing internal revenue and earnings targets for the last quarter of the year.