Following a six-year tenure, Andreas Ternström has resigned from his position as Chief Executive Officer of Scout Gaming Group.
The Swedish business leader was designated CEO and President of the fantasy sports platform in 2016 but has opted to depart in anticipation of a “substantial reorganization” within the organization.
Scout Chairman Niklas Braathen alluded to “obstacles” and conveyed appreciation for the departing CEO’s contributions, stating that “the moment is opportune for Andreas to exit the company.”
These difficulties likely pertain to Scout’s fiscal performance, which has been adversely affected by the conflict in Ukraine. During the first quarter, the company disclosed a 20% year-over-year decline in revenue stemming from its wagering activities.
“Representing the company, I wish to express our sincere gratitude to Andreas for his significant efforts in establishing the Scout Gaming organization, particularly the product portfolio Scout Gaming possesses today,” remarked Braathen.
“The company has undergone a demanding phase, and we are confronted with a substantial restructuring and transformation of the business moving forward. Consequently, we have mutually concluded that this is the appropriate time for Andreas to depart from the company.”
Ternström also conveyed his appreciation to his coworkers, especially those based in Ukraine. He stated: “I desire to express my gratitude to all partners, staff members, the board, and all shareholders for their backing throughout this period.”
I wish to convey my profound appreciation for our remarkably skilled and resilient team in Ukraine. In the face of the conflict and the difficulties of the past couple of years, their fortitude and dedication have been a source of motivation.
I intend to retain my stock and remain actively involved with the organization. I anticipate continuing to champion its purpose and expansion in the times ahead.”
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