Cherry makes managerial changes

Cherry makes managerial changes

Friday, December 5, 2014 Totally Gaming

Swedish gaming operator Cherry Gaming has made changes to its management team as it seeks to strengthen its online gaming operations.

The company has made Fredrik Burvall acting chief executive, while largest shareholder Morten Klein gets a new role in business development and partnerships with the management team in Malta. 

Former vice-president and chief financial officer Burvall will replaces Emil Sunvisson, who has served as chief executive and board member for eight years, but will continue working for Cherry as an advisor in a number of strategic areas for a limited period of time.

Cherry chairman Rolf Åkerlind said: “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.

“This means that the duties of the management team in Stockholm have changed. Therefore, the board has decided to select Fredrik Burvall as acting CEO, while Morten Klein will begin working closely with the management team in Malta on issues related to business development and partnerships.”

In November, Cherry posted revenue of SEK90.4m (€9.8m/$12.2m) in the third quarter, up by 29 per cent on the SEK69.9m achieved in the corresponding period in 2013. Earnings before interest, tax, depreciation and amortisation (EBITDA) improved from a loss of SEK4.4m in Q3 of 2013 to a negative of SEK3m this year, while earnings before interest and tax (EBIT) grew from loss of SEK9.8m to a negative of SEK7m.

Cherry also noted that its online gaming business improved by 33 per cent in the period while deposits also rocketed by 55 per cent. The third-quarter results placed Cherry’s revenue for the first three quarters of the year at SEK239.8m, which represented an increase of 25 per cent on the SEK191.3m posted at the same point last year.

Åkerlind added: “I would like to extend our appreciation to Emil Sunvisson for his time as CEO. Emil has played a critical role in turning Cherry into a gaming company that is well positioned for the future.”
 

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