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Betsson president and chief executive Ulrik Bengtsson is leaving the company with immediate effect.

The online gaming operator said that the board of directors and Bengtsson had agreed that he should leave the position of president and CEO, with Bengtsson electing to do so immediately.

He will be replaced at Betsson AB on an interim basis by chairman Pontus Lindwall, who served as president and chief executive until he assumed the chairman’s office in July 2011.

Bengtsson had served as chief executive of Betsson Malta since 2012 and president and chief executive of Betsson AB since February 2016.

With Lindwall temporarily returning to his previous role, Betsson has named board member Patrick Svensk as its chairman until further notice, with Jesper Svensson stepping in as acting CEO of Betsson Malta.

“Ulrik Bengtsson has done a good job for Betsson during the five years he has been employed by the Group. He has clarified the strategy and implemented significant product launches. On behalf of the Board and myself, I would like to thank Ulrik for his efforts,” Lindwall said.

The company has now initiated the process to find a new permanent CEO of Betsson AB.

Shares in Betsson AB (Co. Data) (STO:BETS-B) were trading down 2.88 per cent on the news at SEK72.55 per share in Stockholm Monday afternoon.