Global Gaming CEO sacked amid Sweden struggles
Joacim Möller relieved of leadership duties by board of directors after Swedish operator misses revenue targets
Global Gaming has sacked CEO Joacim Möller after the board of directors said the operator “needed new leadership” to overcome its ongoing struggles in Sweden.
Sweden’s re-regulated market has not been kind to Global Gaming – the operator began cost-cutting in February after missing Q4 revenue targets and cancelled a proposed shareholder dividend in April.
Möller told EGR Intel in February that a combination of factors, including a Q4 platform migration that resulted in player down-time, saw the operator fall short of revenue targets over the last few months.
The board further attributed the operator’s failings to the new Spelpaus.se self-exclusion register, bonus restrictions and increased competition from the launch of ATG and Svenska Spel casinos.
Board member Tobias Fagerlund has been appointed as acting CEO, while the mission to recruit a new permanent CEO has “started immediately”.
A Global Gaming statement said: “The change that the Swedish gaming market goes through after the new legislation came into force at the beginning of the year is extensive.
“It has led to major changes for all gaming operators in the Swedish gaming market, not least for Global Gaming.
“It is the board’s opinion that Global Gaming is a fundamentally strong company with great potential to continue to be a significant player in the Swedish market.
“In order to succeed, the company’s adaptation needs to be further intensified and it is the board’s opinion that the extensive work and the way forward needs a new leadership.”