Cherry CEO dismissed by board of directors

In an announcement by its board of directors Friday Cherry Group AB said that it has “terminated the employment of Anders Holmgren as CEO and President of Cherry effective immediately.”

Company chairman Morten Klein acknowledged the contribution Holmgren has made during his fifteen month tenure as CEO and President, but said that the board has found that he would not be able to perform his duties in the present circumstances.

The board has appointed former Cherry CEO and audit committee chairman Gunnar Lind as acting CEO pending a search for a replacement for Holmgren, which has already begun.

The decision to fire Holmgren comes after several days of drama in which the online gambling executive was accused of insider trading following his arrest at the company’s head office in Stockholm by the Swedish Economic Crime Authority (see previous reports).

Holmgren’s severance includes his responsibilities as a member of the board in subsidiaries such as Yggdrasil. He has denied any wrongdoing.

He remains in custody after he was denied bail by the Stockholm District Court