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NEWS 13 May 2019

NetEnt re-elects Fredrik Erbing as Chairman

By Matthew Enderby

NetEnt appointed Fredrik Erbing as Chairman of the Board at its Annual General Meeting.

Erbing was also re-elected as board member along with Pontus Lindwall, Peter Hamberg and Maria Redin. Lisa Gunnarsson, Chirstoffer Lundström and Jonathan Pettemerides were elected as new members.

Erbing was first elected as Chairman in 2008 and is Vice President of Acando AB, a Swedish software and consultancy firm.

Re-elected board member Lindwall is the founder of NetEnt and holds 4,100,000 class B shares. He is CEO of online operator Betsson.

Another announcement from the meeting saw the Board of Directors and CEO, Therese Hillman, “discharged from liability for the financial year 2018."

Hillman was officially named as CEO in May last year with the supplier’s financial results not matching expectations. She worked as NetEnt’s CFO since January 2017 and served as acting CEO from March 2018.

NetEnt saw its revenue fall 3% year-on-year to SEK 418m ($43.7m) for Q1, while operating profit dropped 6% to SEK 126m and net profit fell 18% to SEK 120m.

On the results, Hillman said: “The Nordic countries accounted for almost the entire slowdown, mainly due to lower volumes in Sweden as the new regulation was introduced at the start of the year.

"The new rules have impacted our customers and players to an extent that we had not foreseen; the combined effect of fewer players and lower average revenue per user has led to a weak start on the new regulated market."

RELATED TAGS: Online | Financial | Industry
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