CEO Per Eriksson removed by NetEnt

NetEnt has begun the search for a new chief executive after the removal of Per Eriksson.

The games developer’s board acted after deciding, according to a statement, that the performance of the Group “has not been as it should”.

The move comes a month after NetEnt announced Q4 results that failed to match revenue and profit targets.

Chief financial officer Therese Hillman has been appointed acting CEO, with NetEnt looking for a new leader who can secure long-term growth for the company.

Eriksson took over at NetEnt in March 2012, and has led the company into a number of new markets, including the US. He has also overseen a significant expansion of its products and services portfolio.

“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,” said NetEnt chairman Vigo Carlund.

“The board believes that NetEnt needs a new driving force to reverse the trend and increase the focus on growth.

“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 company has a solid balance sheet and a strong brand name in its segment of the market.”

Related article: NetEnt fails to meet expectations despite growth