Cherry CEO Fredrik Burvall to depart
Burvall to leave firm due to “family reasons” with Betsson co-founder Anders Holmgren installed as acting CEO
Fredrik Burvall is to leave his role as CEO of Cherry for “family reasons” after approximately two years at the helm, the company announced this morning.
Board member Anders Holmgren, one of the Betsson Group co-founders, has been installed as acting CEO until a new chief exec has been recruited.
Burvall, who has been with the firm for more than 10 years and previously held the position of CFO, will remain with the company until the summer.
Under his stewardship, Cherry has grown significantly, with the group’s online revenues reaching SEK142.8m (£12.7m) during Q3 2016 – a year-on-year rise of 39%.
The company also completed seven acquisitions during his time at the firm, including that sportsbook operator ComeOn last year, in a deal initially worth £67.4m.
Burvall said he was “extremely proud” of his role in the development of the company during his tenure, adding it is “well positioned” for the future.
“Although I will continue with Cherry until the summer, I would like to take this opportunity to say thank you to all colleagues and the Board of Directors for our time together, with best wishes for continued success in the future,” said Burvall.
“It has been a period which has required a heavy workload, in particular from Fredrik,” said Rolf Åkerlind, chairman of the Cherry Board.
“I am extremely grateful for the dedication and hard work Fredrik has given the company.”
The company added it has started an external recruiting process in search of a new CEO for the Group.