Thursday December 04,2014 : TOP MANAGEMENT CHANGES AT CHERRY
Founder back in the saddle as group focuses increasingly on internet gambling.
Cherry Group principle shareholder and founder of subsidiary AutomatGruppen, Morten Klein, is back in the saddle, taking a newly created role in the group as head of business development and partnerships, working closely with the Malta management team of the group and concentrating on internet gambling as the Cherry increasingly focuses on this aspect of its operations.
In other developments at the company, CEO Emil Sunvisson has stepped down after 8 years and will be replaced in an acting capacity by Fredrik Burvall. Sunvisson will for now remain with the company as an adviser on company strategy.
Burvall has been with Cherry since 2006 serving as vice president and CFO.
Sunvisson's departure as CEO is the second such move in the industry this week, following the news that Ladbrokes chief Richard Glynn is to exit next year
In a statement announcing the changes, Cherry said that its interests in online gambling and software developer Yggdrasil Gaming have become increasingly important for the company. During Q3 2014, online gaming generated sales worth SEK 52.9 million, representing approximately 59 percent of Cherry's total revenues.
Cherry chairman Rolf Åkerlind said Thursday:
"Cherry's long-term strategy is generating continued growth in online gaming, both through organic growth and acquisitions, with the goal of reaching profitability in this area as soon as possible.
"This means that the duties of the management team in Stockholm have changed. Therefore, the Board has decided to select Fredrik Burvall as Acting CEO, while Morten Klein will begin working closely with the management team in Malta on issues related to business development and partnerships."
"Former CEO, Emil Sunvisson, has served Cherry in the capacity of CEO and as a member of the board for eight years. Sunvisson will continue working for Cherry, as an advisor in a number of strategic areas, for a limited period of time.
"I would like to extend our appreciation to Emil Sunvisson for his time as CEO. Emil has played a critical role in turning Cherry into a gaming company that is well-positioned for the future,” Åkerlind added.