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Amaya confirms Baazov departure

| By iGB Editorial Team
David Baazov has stepped down as chief executive of PokerStars owner Amaya.

David Baazov has stepped down as chief executive of PokerStars owner Amaya.

The departure comes five months after Baazov relinquished his post on a temporary basis after he was charged on several counts of insider trading by authorities in Canada.

Rafi Ashkenazi, who has been serving as interim chief executive, has now been appointed on a permanent basis.

Baazov was the driving force behind Amaya’s purchase of PokerStars and Full Tilt in 2014.

In a statement released by Amaya, Baazov said: “I am proud of my contributions in building Amaya into the successful company it is today, and continue to be supportive of its strategy and management.”

Amaya thanked Baazov for his contributions to its “rapid growth”, and said it “looks forward to Mr Ashkenazi's continued success in leading the execution of Amaya's strategy”.

Divyesh Gadhia, who was named interim chairman in March, has been made permanent, the company said.

Meanwhile in a trading update, Amaya's adjusted earnings before interest, tax, depreciation and amortisation grew 16% year-on-year to $129.9 million in the three months to June 30.

Amaya's total revenue increased by 10% to $285.9 million, as it added nearly two million customers in the quarter.

“We continue to execute on our 2016 strategy,” said Ashkenazi. “Through focused expense management and product improvements and diversification, we delivered second quarter results that overcame seasonal headwinds and continued currency challenges, evidencing the strength of our combined core business.”

Related article: Amaya adds board members, confirms new acquisition talks

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