After a turbulent few days that saw its offices raided and CEO Anders Holmgren arrested and detained in relation to allegations of “severe” insider trading, Swedish gaming group Cherry has fired the chief executive with immediate effect.
Morten Klein, chairman of the board at Cherry, said: “Anders Holmgren has made valuable contributions as CEO of Cherry, but he is unable to perform his duties while facing accusations of severe insider trading.
“The board of directors has today decided to terminate his employment as CEO. In connection therewith, Anders Holmgren will also leave his assignments as board member in Cherry’s subsidiaries.”
Gunnar Lind continues as acting CEO and will remain in position until a permanent replacement is appointed.
Holmgren was arrested on Tuesday during a raid of Cherry’s Stockholm office that followed an investigation by the Swedish Economic Crime Authority.
A Swedish court subsequently granted a request from the prosecutor in the case that Holmgren should be detained due to the severity of the allegations.