Net Ent Fires CEO Despite Strong Performance

Online casino game developer Net Ent has fired their CEO despite strong performance by the group, as the group's board claims that the growth isn't as strong as they'd like.

Net Ent fired Eriksson on Sunday effective immediately, leaving the company with Therese Hillman as acting CEO while a replacement search is conducted. The company has had strong growth throughout the nearly six years that Eriksson led the company, but the board Chairman Vigo Carlund said that the performance "has not been as it should."

For 2017 Net Ent's revenues rose 11.7% to SEK1.62 billion, with after-tax profits up 9.5% to SEK552 million. Still, the company had a poor last few months, as they were forced to leave the Polish, Australian, and Czech betting markets due to changing regulations.

In a statement regarding the decision Carlund explained, "The Board believes that NetEnt needs a new driving force to reverse the trend and increase the focus on growth. The value creation potential in NetEnt remains significant. The online gaming market has structural growth driven by the migration from offline to online gaming. The Company has a solid balance sheet and a strong brand name in its segment of the market."