Fantasy gaming provider Scout Gaming Group has announced that Andreas Ternström has stepped down as its chief executive and president.
Ternström served in the positions for six years, having joined the business in June 2016, but decided to end his stay with Scout with effect from 3 June.
Scout’s chief financial officer Niklas Jönsson will now serve as acting CEO while the business seeks to appoint a permanent replacement.
“I would like to thank all partners, co-workers, board and owners for this time,” Jönsson said. “I would like to give a special thanks to all talented and courageous employees in Ukraine who are valiantly working despite the war and two years of pandemic.
“I will remain as a shareholder and will be close to the company. I hope that I can also be of use for the company and its development in the future.”
Scout’s newly appointed chairman Niklas Braathen added: “I want on behalf of the company give a big appreciation to Andreas who has who put in a very great commitment to creating Scout Gaming’s organisation and not least the product that Scout Gaming today possesses.
“Headwinds have been blowing for a while for the company, and a major reorganisation and transformation of how the company’s operations are conducted is now ahead of us, we have therefore agreed that it is appropriate for Andreas to leave the company.
“He will be available to the company in any matters, which is important, and provides security for the company’s board, management and organisation.”
Confirmation of the departure comes after Ternström in March announced a cost review after stating he was “not at all satisfied” with the supplier’s slow growth and rising expenses in Q4 of 2021.
Revenue in the period ticked slightly upward by 1.2% to SEK17.1m (£1.4m/€1.6m/$1.8m), but expenses more than doubled to SEK51.0m.
This trend continued in the first quarter of 2022, during which revenue declined 10.4% year-on-year to SEK12.0m, while expenses were 9.5% higher at SEK33.5m. This resulted in a net loss of SEK19.6m, compared to SEK9.8m in the previous year.
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