NetEnt removes CEO and President Per Eriksson

NetEnt, a former favorite with investors, has lost a quarter of its market value this year, with most coming after a profit warning on January 16.

The Board of Directors of NetEnt has decided to replace the Group’s CEO in order to increase focus on long-term growth for the Company. Recruitment of a new CEO will commence immediately. Therese Hillman has been appointed acting CEO. 

“NetEnt has developed well over many years and several parts of the business are still developing well, for example in regulated markets, but the overall performance of the Group has not been as it should,” company chairman Vigo Carlund said in a statement.

“The board believes that NetEnt needs a new driving force to reverse the trend and increase the focus on growth. The value creation potential in NetEnt remains significant. The online gaming market has structural growth driven by the migration from offline to online gaming.

“The company has a solid balance sheet and a strong brand name in its segment of the market. The board would also like to extend its gratitude to Per Eriksson for his time as CEO for NetEnt.”

NetEnt said that current CFO Therese Hillman had been appointed as acting CEO, and that a new CEO would be presented as soon as possible.

As well as taking on CEO duties in the interim, Hillman will also remain in her current position as chief financial officer.

Eriksson was head of Dell Europe, Middle East and Africa before he joined NetEnt as CEO in 2012.