Burvall in running for permanent Cherry CEO role

Burvall in running for permanent Cherry CEO role

Monday, December 8, 2014 Totally Gaming

Acting chief executive Fredrik Burvall is amongst the candidates to head Scandinavia-facing gaming operator Cherry Gaming as the company looks to strengthen its online offering.

The company announced on Friday that Burvall would take over from Emil Sunvisson as chief executive on a temporary basis, while Morten Klein has taken a business development and partnerships role in Malta. Burvall has been with Cherry since 2006, serving as vice-president and chief finance officer, and chairman Rolf Åkerlind told TotallyGaming.com that he would be under consideration to take the job on a permanent basis as it was expected that the new team would bring success to the company.

“Fredrik is of course a candidate getting this position," Åkerlind said. "He has an extensive experience from Cherry and is well-positioned to continue developing our business. His focus on achieving profitability, in the business area of online gaming, is of particular importance.

“The board has begun a process whereby we will discuss and narrow down the qualities we would like in our next CEO to possess. With Morten Klein strengthening the management in Malta, and with Fredrik's extensive experience, along with forward-leaning managers at our subsidiaries, we feel confident that we will continue to grow and significantly improve our profitability.”

The company acted last week after identifying that its core aim was to expand in online and Yggdrasil gaming. During Q3 2014, online gaming generated sales worth SEK 52.9m (€5.7m/$7m), which represents approximately 59 per cent of Cherry’s total revenues. Cherry’s online gaming offering in Scandinavia is focused on casino games, while it launched EuroLotto.com in 2011. It has operating for more than 50 years in its native Sweden.

“Cherry's long-term strategy is generating continued growth in online gaming, both through organic growth and acquisitions, with the goal of reaching profitability in this area as soon as possible," Åkerlind said. "The changes are related to the focus on online gaming and the focus of strengthen our Malta operations and management.

“The third quarter continued strong growth in sales, and new records set across all business areas. Cherry’s investments in new growth areas within online gaming present great opportunities, as well as significant challenges.

“Focus going forward will gradually be shifted from growth to profitability. The fourth quarter has started strongly and we believe all business areas has good opportunity to continue to develop well. We still believe within the online gaming will growth faster than the market.”

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