Updating the market, the governance of Cherry Gaming AB (Cherry) has informed that Fredrik Burvall has stepped down as Chief Executive Officer due to family reasons. Cherry AB has moved to appoint Anders Holmgren as ‘interim CEO’ until Burvall’s replacement is found.
Burvall departs Cherry following ten years’ leadership service, having acted as CEO and CFO of the company. Updating investors, Cherry governance stated that Burvall would maintain an advisory position within the company until summer 2017.
Burvall has played a significant role in leading Cherry AB’s expansion strategy which has seen the company become a the leading multi-vertical operator within the European igaming sector.
Commenting on the leadership update, Rolf Åkerlind, Chairman of the Board, thanked Burvall for his service: “Fredrik Burvall has been CEO during a busy period when the company has expanded rapidly and been very successful. During the last two years, Cherry’s turnover has grown 137 percent and the company has completed seven acquisitions. It has been a period which has required a heavy workload, in particular from Fredrik. I am extremely grateful for the dedication and hard work Fredrik has given the company.”
Cherry governance stated that executive search firms had been contacted to begin the recruitment process for Burvall’s replacement.
Fredrik Burvall commented on his departure as Cherry leader “I am extremely proud of having been part of the development of the company which has led to a revaluation of Cherry as a company. Cherry is today well positioned for the future with five strong business areas all with strong management teams. Although I will continue with Cherry until the summer, I would like take this opportunity to say thank you to all colleagues and the Board of Directors for our time together, with best wishes for continued success in the future.”