Betting firm mum on multiple resignations

Group directors and managers are leaving betting firm Betsson, industry sources told the Times of Malta. Given the level of the office occupied by those stepping down, in terms of hierarchy, the listed parent company in Sweden did not have to make a formal announcement, the sources noted. Chairman and CEO Ulrik Bengtsson resigned last summer and Jesper Svensson took over as CEO of Betsson’s operational subsidiaries in December. Pontus Lindwall retained overall control. Soon after, Betsson announced 130 lay-offs from the group and company sources described the current situation as “toxic”, with some even resorting to employee feedback site GlassDoors to air their complaints. Apart from the human resources worries, the company’s profit margin dropped from 26.8 per cent in 2014 to 17.9 per cent last year. To some extent, this was to be expected from a company in the process of restructuring. Mr Lindwall said at the presentation of the first quarter results at the end of April: “We follow a detailed plan and took several actions within different areas in the first quarter, aiming at getting Betsson back on track”, he had said, adding this would take time. A company spokeswoman...