David Baazov resigns from Amaya Gaming amidst insider trading investigation
Published on by Becky M.
For Amaya Gaming it seems that controversy has become somewhat commonplace, as since the Spring it has hung over the company. The reason for that is because CEO David Baazov has been embroiled in legal issues regarding insider trading, with such issues now leading to his long-expected departure from the company. It seems that after countless weeks of deliberation he has decided to step down from his position of CEO and leave Amaya Gaming completely. For the most part, industry analysts believed this was inevitable, with Amaya Gaming moving swiftly to promote Rafi Ashkenazi from his current interim CEO role to a permanent CEO position.
‘Proud Of Contributions To The Company’
There seems to be an air of sadness about Baazov’s departure from within Amaya Gaming, as he had become a pivotal presence within the company. Speaking on his exit, Baazov said, “I am proud of my contributions in building Amaya into the successful company it is today, and continue to be supportive of its strategy and management.” What has ended up forcing Baazov out of his position are the insider trading chargers that are now being levied in his direction, with five charges in total being brought forward by the Autorité des Marchés Financiers (AMF). The actual insider trading took place during the time when Amaya Gaming was acquiring the Rational Group in $4.9 billion deal.
Continued Growth
The loss of Baazov will be seen as a blow to Amaya Gaming, largely as he was a driving force behind the company in recent years. Following the announcement of his resignation Amaya Gaming issued an official statement thanking him for his efforts and contributions. The press release also addressed what it means for the future of the company, with it stating that they were expecting continued growth with new permanent CEO Ashkenazi at the helm.