The managing board of Swedish gambling operator Cherry AB (plc) announced earlier today the appointment of Fredrik Burvall as the company’s new Chief Executive Officer and President. Mr. Burvall is to assume his posts immediately.
He joined the company back in 2006 as its Vice President and Chief Financial Officer. Mr. Burvall took the positions of acting CEO and President of Cherry back in December 2014, after the departure of Emil Sunvisson.
Rolf Åkerlind, Chairman of the gambling operator’s board, commented that Mr. Burvall has demonstrated “a strong drive and passion” for Cherry over the past nine years. Mr. Åkerlind also noted that the company’s new CEO and President has the experience needed to provide it with a group management that would result in Cherry reaching constantly growing profitability.
Prior to joining the Swedish gambling operator, Mr. Burvall took a number of managing positions at the Modern Times Group and Ericsson. The 42-year-old executive holds a Business and Economics degree as well as an MBA one from the Stockholm University.
In December 2014, Cherry made certain changes in its senior management team. As mentioned above, former CEO and President Emil Sunvisson stepped down to be replaced by Mr. Burvall. In addition, Morten Klein, who is currently the operator’s main shareholder, was given the responsibility to work closely with its management team in Malta, paying special attention to its online operations.
Back then, Mr. Åkerlind commented that Cherry aimed at constantly expanding its online business “both through organic growth and acquisitions.”
The Swedish gaming company was founded in 1963. Through its subsidiaries in Malta, the company operates a number of casino and lottery brands. Furthermore, it owns the so-called Yggdrasil Gaming brand, which specializes in the development of various gaming products. Cherry also offers to customers popular games, such as roulette and blackjack, in a number of properties across Sweden. Currently, about 750 people are working for the company and it has more than 2,600 shareholders.
Earlier in May, Cherry released its financial report for the first quarter of 2015. Overall revenue increased 31% year-on-year to reach SEK95.3 million. Online gaming accounted for 63% of the company’s revenue. It rose 49% and deposits grew by 54%.
In January, the company purchased 51% of Game Lounge Ltd. as part of its strategy to attract more customers at a lower cost per customer.
