Fagerlund named Global Gaming CEO as Möller steps down
Nasdaq Stockholm-listed Global Gaming has confirmed that Joacim Möller has left his role as chief executive and appointed Tobias Fagerlund to the position on a temporary basis.
The Ninja Casino operator said the business was undergoing major changes as it looked to adapt to tough operating conditions in the core Swedish market. This ultimately led its board to conclude that new leadership was necessary to oversee this evolution of the business.
New laws came into effect on January 1 to both legalise and regulated igaming in Sweden. However, many operators have suggested that operating restrictions, high competition and the new tax rate have impacted revenue.
Global Gaming cancelled plans to issue a dividend to shareholders earlier this month as a result of its own Swedish struggles. Its board said at the time that strong liquidity would aid future growth in the market, as well as supporting an ongoing reorganisation of the business to better balance revenue and costs.
“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,” Global Gaming said in a statement.
“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 a new leadership.”
Möller’s departure is effective immediately, with Fagerlund, who has been on the Global Gaming board since June 2016, to serve as acting CEO until the operator appoints a permanent replacement.
Prior to his time with Global Gaming, Fagerlund was CEO of betting exchange Spiffx and remains a member of its board. Fagerlund is also a partner in Relax Gaming, having been with the gaming content provider since October 2011.
“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,” Global Gaming added.
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