Former Amaya CEO David Baazov

David Baazov Permanently Resigns as Amaya CEO

18 Aug, 2016 - 03:16 by johntang

Amaya Inc. has had a rough year due to an insider trading scandal related to the company’s acquisition of PokerStars and Full Tilt. This resulted in the now former CEO David Baazov being charged with 5 offences, including aiding with trades while in possession of privileged information. The charges against Baazov were made by the Autorité des marchés financiers (AMF), Quebec’s securities regulator, back in March.

At that time, the CEO made the decision to take a paid leave from his CEO and chairman positions in the company. Baazov had stated that he believed that by stepping down at that time it would help to avoid distraction for Amaya and its management.    

The new and permanent CEO is Rafi Ashkenazi, who had temporarily been appointed CEO when Baazov first stepped down.

It will be interesting to see how well Amaya will do without Baazov who co-founded the Canadian company and grew it into a global gaming and online gambling giant with the $4.9 billion acquisition of PokerStars and Full Tilt.

That being said, in spite of the scandal and the change in CEOs the company’s revenues are up by 10.2% compared to the same period last year that ended in June. This year the company has reported revenues of US$285.9 million in this same quarter.

Moreover, its casino and sportsbook revenues increased to US$60 million, which was supported by bets on June’s Euro 2016 football tournament.

Although he has officially resigned, Baazov stated, “I am proud of my contribution in building Amaya into the successful company it is today, and continue to be supportive of its strategy and management.”