Cherry announces leadership change

(PRESS RELEASE) -- Cherry is increasingly focusing on the growing business areas of online gaming. In order to boost this effort further, the Cherry Board of Directors today announced changes to the senior leadership. Morten Klein will assume a new role in Business Development and Partnerships. He will be working closely with the management team in Malta focusing on online gaming. Fredrik Burvall will assume the position of Acting Chief Executive Officer (CEO).

The business areas of Online Gaming and Yggdrasil Gaming have, in line with Cherry's stated goals, become increasingly important for the company. During Q3 2014, online gaming generated sales worth SEK 52.9 million, which represents approximately 59 percent of Cherry's total revenues.

In order to facilitate further growth in online gaming, Cherry is today announcing changes to the senior leadership. Effective immediately, the Board of Directors has made Fredrik Burvall Acting CEO. Burvall has been with Cherry since 2006 serving as Vice President and CFO.

The online business areas, which are based in Malta, are being further strengthened by giving Morten Klein a new role in Business Development and Partnerships. He is currently the company's largest shareholder. Klein will be working closely with Cherry’s management team in Malta. Klein has significant expertise and experience in online gaming. He is one of the founders of AutomatGruppen, a business Cherry acquired in 2010.

"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," says Rolf Åkerlind, Chairman of Cherry.

Former CEO, Emil Sunvisson, has served Cherry in the capacity of CEO and as a member of the board for eight years. Sunvisson will continue working for Cherry, as an advisor in a number of strategic areas, for a limited period of time.

"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,” says Rolf Åkerlind.