Interim CEO Rafi Ashkenazi will permanently replace David Baazov as chief executive officer of Amaya.
Canada.- Amaya, the Montreal-headquartered international online gaming conglomerate announced that Interim CEO Rafi Ashkenazi will permanently replace David Baazov as chief executive officer.
Baazov, who stepped down from his role as CEO in March on indefinite paid leave has formally severed all ties with Amaya. The former CEO leaves the gambling conglomerate he founded 12 years ago as the insider trading investigation against him conducted by Quebec’s securities regulator continues.
“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,” said Baazov in a statement.
Back in 2014, Baazov led the US$4.9 billion Amaya acquisition of PokerStars and Full Tilt Poker. The process that resulted in the transaction caught the eye of Quebec’s Autorité des Marchés Financiers (AMF). The Authority alleges that Baazov shared private information with outside investors before the acquisition became public.
Now that Amaya distanced from Baazov and his potentially damaging legal feud, the group would be able of maintaining order even if the former CEO was found guilty of insider trading. However, investors seem to remain skeptical, as shares of Amaya on NASDAQ fell 3.64 percent Monday.