Just how unforgiving and cruel the world of big business can be, even in the iGaming realm, is best illustrated by the fate of Per Eriksson, now former CEO of NetEnt. His fate was sealed this Monday by the company's Board of Directors – despite the fact that the brand had a brilliant financial 2017 and recorded a year-on-year growth in revenue. Also, let's not forget just how NetEnt shined at February's ICE Totally Gaming.
During the six years of Eriksson's reign, the company recorded a steady growth – in 2017, their revenue rose by 11.7% (operating, after tax profits were up 9.5%) while numerous other partnerships have been formed, 37 new customer agreements signed and 35 new customer casinos launched. Still, it wasn't enough.
So, what is the cause of Eriksson's dismissal? Simply put: NetEnt did not meet the financial expectations and actually underperformed! That and the company's intent to “focus on long-term growth” were cited as the main reasons Eriksson was fired from his duty as the company's chairman with immediate effect.
The interim CEO will be Therese Hillman who will be carrying on with duties until the company recruits a new permanent CEO. Hillman will also remain in her current position as Chief Financial Officer.
Vigo Carlund, Chairman of NetEnt's Board, said: “NetEnt has developed well over many years and several parts of the business are still developing well, for example in regulated markets, but the overall performance of the Group has not been as it should. 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. The Board would also like to extend its gratitude to Per Eriksson for his time as CEO for NetEnt.”
Source:
“Per Eriksson leaves NetEnt. Therese Hillman appointed acting CEO”, netent.com, March 25, 2018.
coolsongss
5 years ago
Per Eriksson was the CEO for 6 years, so, I only played during his term :) The growth of NetEnt for the last 6 years was really fantastic, but again, I was blocked from many casinos' NetEnt games, probably due to my country around 2 and half years ago, so I was very unhappy with it. I can still can play NetEnt slots...
Per Eriksson was the CEO for 6 years, so, I only played during his term :) The growth of NetEnt for the last 6 years was really fantastic, but again, I was blocked from many casinos' NetEnt games, probably due to my country around 2 and half years ago, so I was very unhappy with it. I can still can play NetEnt slots in a few casino, but recently felt the new games are not really interesting as the old one. The winning potentials are limited mostly. Anyway, let's see what new changes would be seen in NetEnt games :)
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jade
6 years ago
Well that is a fine howdy-do for that CEO! The board of directors has some hell of a way to express their gratitude to Erickson for, as they say, "his time as CEO!" They said that they fired the CEO because he under performed in their focus on long term growth. He had only been there five years, so he hasn't even been...
Well that is a fine howdy-do for that CEO! The board of directors has some hell of a way to express their gratitude to Erickson for, as they say, "his time as CEO!" They said that they fired the CEO because he under performed in their focus on long term growth. He had only been there five years, so he hasn't even been there long enough to complete any long term goals, dummies.... Hey Erickson, you can do better than that!
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Mojo Jojo
6 years ago
NetEnt was one of my favorite gaming providers and they even managed to put themselves in my top 5 gaming providers but nowadays I don't even bother playing their games, maybe only when a casino offers me free spins but I wouldn't bet my own money on their games. In my opinion, this article shows how greedy NetEnt is, it...
NetEnt was one of my favorite gaming providers and they even managed to put themselves in my top 5 gaming providers but nowadays I don't even bother playing their games, maybe only when a casino offers me free spins but I wouldn't bet my own money on their games. In my opinion, this article shows how greedy NetEnt is, it is mandatory for a company to make profits but greed is never good. I as an experienced slot player, will notice when a company does not care about entertainment but more about the money. Microgaming did the same thing and I don't touch their games anymore, at least not with my own money. NetEnt is most likely the next. If you don't care about your customers, the customers will do the same to you.
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drtheolen
6 years ago
NetEnt games are in fact featured on more casinos than any other software provider, Microgaming included. Not sure how much faster they expect to grow really. If I were them, I would focus on making better games, the likes of which they used to make in the beginning, with better base potential and fewer but more interesting...
NetEnt games are in fact featured on more casinos than any other software provider, Microgaming included. Not sure how much faster they expect to grow really. If I were them, I would focus on making better games, the likes of which they used to make in the beginning, with better base potential and fewer but more interesting bonus rounds like they did in Jack and the Beanstalk for example. There is a matter of fake games as well. They should seriously take a lot more aggressive stance and start suing and shutting down domains with such. Having bunch of sites with fake games that look identical to the originals will be a bad thing in the long run for them
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