Online gaming operator and supplier Global Gaming has recently confirmed that Joacim Moller has stepped down as chief executive, with Tobias Fagerlund taking on the role on a temporary basis as the operator looks to find a new CEO.
Global Gaming stated that the business is currently undergoing major changes as they look to start adapting to the tougher operating conditions that have been set in place in the Swedish market. This also lead the board to the decision that new leadership was required to oversee the changes that need to be made as they hope to expand further into other markets. New laws in Sweden that came into effect at the beginning of the year saw more regulation for the iGaming market in the country, although many operators have stated that the new restrictions and tax rate, along with high competition has severely impacted their ability to earn revenue.
Global gaming had also cancelled plans to issue a dividend to shareholders at the beginning of the month due to their struggles in the Swedish market. The board at the time stated that liquidity would aid growth in the market in the future, as well as provide support to the on going reorganisation of the business as it attempts to balance its revenue and costs. Moller’s departure from Global Gaming is effective immediately, and Fagerlund, who has been on the board since June 2016, will be serving as acting CEO until they appoint a more permanent replacement.
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