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The fastest growing company on the Stockholm Stock Exchange, LeoVegas AB, has appointed Stefan Nelson as its new Chief Financial Officer, replacing Viktor Fritzen.
Nelson will take over full group CFO responsibilities when Fritzen ends his tenure as LeoVegas financial lead later in the summer and joins the company’s senior executive advisory.
Nelson will take on his new role starting from 22 August, joining from Nordic investment bank SEB Corporate Finance where he is currently working as a director.
He has spent 20 years working in the finance sector and has served as an equality analyst for the gaming sector so he will definitely bring a wealth of industry knowledge from understanding the major trends to operational activities as well as broad knowledge about products and M&A. Nelson also led the LeoVegas initial public offering (IPO) in 2016 while at SEB and has been familiar with the company and management team ever since.
LeoVegas has searched for a person with unique feeling for numbers and Gustaf Hagman, Group Chief Executive of LeoVegas AB thinks that Nelson owns a gift.
“I am extremely pleased to recruit Stefan Nelson as new CFO to LeoVegas. With his deep expertise in finance and a sense of both the business and the gaming industry, combined with having been Sweden’s most renowned gaming analyst, Stefan will be an addition to the management team and my right hand.”
Nelson finds it stimulating to start working for LeoVegas AB since they impressively achieved a leading position in a fast-moving industry in an early development phase.
“I am deeply impressed by the company’s unique corporate culture, which is perhaps the most important explanation for its success.”
Nelson joins the company’s executive team as they work on expanding their presence in the UK and German markets with completing a series of strategic acquisitions. LeoVegas presented its vision for 2018 targeting €600 million in annual group revenues, combined with a corporate EBITDA of €100 million.
But not everything is good news for LeoVegas.
Last week, The UK Gambling Commission decided to review the casino license and pay a €600,000 penalty since they found the company responsible for many failings. The list of failings include 41 misleading adverts, failure to return funds to self-excluded customers, sending promotional material to self-excluded customers and allowing previous self-excluded customers to gamble without any check.
The UK Gambling Commission has strict rules and wants to protect customers, support fair gambling and to raise standards.