Eriksson’s dismissal was announced via a company press release on Sunday evening stating that the current CEO and President would be stepping down effective immediately.
Current Chief Financial Officer, Therese Hillman has been placed as acting CEO while the hunt for Eriksson’s successor begins.
The move will come as a surprise to many, none more than Eriksson himself who had recently appeared at the ICE Totally Gaming 2018 convention in Berlin in February to promote Net Ent’s unveiling of the brand new Live Beyond Live 3D Experience in collaboration with gambling operator Mr Green.
Commentators speculate that shaky Q4 financial results announced last month where the company failed to meet expectations is the reason behind the CEO’s removal.
Heavy investments in new products coupled with unforeseen exits from the Australian, Polish and Czech markets due to regulatory change had a detrimental impact on the company’s revenues.
Speaking via a company press statement, Vigo Carlund, the chairman of the software development company’s board outlined the reasoning behind the dismissal.
The Board believes that Net Ent needs a new driving force to reverse the trend and increase the focus on growth.
The value creation potential in Net Ent 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.
Eriksson had served as Net Ent’s CEO and President since March 2012 when he joined the company.
Investors displayed their dismay on Monday as shares in the software giant fell by 8.57%.