Stockholm-listed operator Global Gaming 555 has confirmed the departure of CEO Tobias Fagerlund with immediate effect.
With Global Gaming in the process of being acquired by rival Enlabs, Fagerlund steps down after more than a year in the role, having taken over as acting CEO in April 2019 and named permanent CEO in July.
“It is my opinion that Tobias during his time as CEO led Global Gaming in a very meritorious way,” said Global Gaming chairman Niklas Braathen. “Tobias has implemented a large package of restructuring measures and shown evidence of a strong and clear leadership that was absolutely necessary for the company.
“Tobias has thus with great success laid a good foundation for Global Gaming’s future operations. Now, however, the company is facing a new phase and we have identified a number of measures necessary to further strengthen the company’s position. The CEO has worked from Stockholm, where he has been the company’s only employee, and there is a need for leadership to operate where our operating units are allocated, in Estonia and Malta.
“On behalf of the board and the company, I would like to thank Tobias for his work, and would like to point out that during the time I have been chairman of the board, we have had a very good collaboration and that I look forward to continuing in various forms.”
Fagerlund leaves his position with immediate effect but is at the disposal of the board and the company.
Board member Christian Rasmussen has been appointed acting CEO, with the Global Gaming board initiating a process to seek a new CEO.
Shares in Global Gaming 555 AB (STO:GLOBAL) were trading up 1.47 per cent at SEK11.06 per share in Stockholm earlier Tuesday.