Home > Strategy > Holmgren takes over at soaring Cherry

Holmgren takes over at soaring Cherry

| By iGB Editorial Team
Anders Holmgren has been appointed chief executive of Cherry AB on a permanent basis.

Anders Holmgren has been appointed chief executive of Cherry AB on a permanent basis.

Holmgren had been acting chief executive of the Swedish gaming group since the departure of Fredrik Burvall “due to family reasons” in January.

The announcement came as the Game Lounge and Yggdrasil owner also reported that group revenue increased by 109% year-on-year to SEK 1,102.4 million ($123.0 million/€116.2 million) during 2016.

EBITDA increased by 393% to SEK 177.7 million, with EBIT at SEK 625.6 million compared to SEK 13.3 million in 2015. Cherry said EBIT includes a revaluation of the purchase price for the ComeOn acquisition of SEK 510.5 million. Adjusted to this, EBIT amounted to SEK 115.2 million.

Rolf Åkerlind, chairman of Cherry, said: “Anders Holmgren has, during his years as a board member of Cherry AB, been a driving force for the company and possesses an excellent knowledge of the industry in which we operate. His experience working within large companies in the finance and gaming industries, as well as an entrepreneur, will give Cherry impetus to continue the company’s expansive development.”

Holmgren, 44, who will resign from the board of Cherry following his appointment, has previously held several senior positions with companies such as Betsson AB and Sjunnesson & Krook AB/Matteus Fondkommission.

Holmgren said: “I am looking forward to continuing to develop Cherry as a fast-growing company, as well as managing the strong positions Cherry holds across all its business areas.

“As a member of the board of directors of Cherry AB, I have had the benefit of observing this exciting company and all the development possibilities it holds. Cherry is one of the most complete gaming companies there is, and is well positioned to continue to develop and grow faster than the market.”

Related article: Cherry chief executive to step down

Subscribe to the iGaming newsletter