CEO Therese Hillman replaces Per Eriksson
To increase the focus on long-term growth for Netent, the Board of Directors have decided to immediately replace Per Eriksson with acting CEO Therese Hillman. They have started a recruitment drive to find a permanent replacement. Netent is a leading developer of software for casinos producing both slots and casino games.
Underperforming segments a drag on profit and revenue
The move was made after the Board decided that while parts of the business are growing well, others are underperforming. They believe that Netent still possesses significant upside potential with the migration of gaming from offline to online. Per Eriksson led the company into new markets like the United States as part of its expansion but as recently as last autumn (Fiscal Q4) the company warned investors that it would not meet revenue and profit targets. Per Eriksson, CEO since 2012, leaves behind a strong balance sheet and brand.
The Industry that Netent operates in is dynamic and in a constant state of flux. Only days ago we wrote that Netent was planning a gradual exit from the French market, which has meant casinos that accept players in France will be forced to withdraw Netent games. This has meant that some of our own recommended casinos like Lucky8 and Cresus Casino have had to scramble to replace the void created with other developers like Betsoft, Evolution iSoftbet and Quickspin. What the future holds for Netent and the industry no one knows, but we will continue to monitor its evolution and report the outcome.