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aug
16

Amaya’s Interim CEO Permanently Replaces David Baazov

Tags: Amaya, David Baazov, Rafi Ashkenazi.
Posted on Tuesday, August 16, 2016 by "T".

Montreal, Canada - The Amaya online gaming company announces a huge profit jump as well as making a permanent replacement for its former CEO David Baazov, who early this year stepped aside to deal with the charges laid against him by Quebec's securities regulator.

Amaya, an online gaming company based in Montreal (TSX:AYA), states that the CEO's post is permanently going to interim CEO Rafi Ashkenazi who has assumed the position since March.

Ashkenazi succeeds David Baazov, who is actually a co-founder of Amaya. Under Baazov's leadership, Amaya became an outstanding global player in online gaming after it purchased PokerStars.

Amaya announced that Baazov resigned all his positions with the company on Thursday, August 11.

Amaya has confirmed in its first half of the year and second quarter report that David Baazov will not be returning to his CEO duties, although Baazov still owns around 18.5% of the company. It is not clear if he still intends to buy the company outright or if there is a possibility that his stake will be sold.

The charges related to insider trading were announced back in March by Quebec financial security regulator the Autorité des marchés financiers (AMF), where Baazov and other five related to him had 23 charges filed against them.

The AMF stated that between December 2013 and June 2014, the respondents have allegedly used "privileged information pertaining to the securities of Amaya inc. for trading purposes". It was verified in June 2014 that Amaya was to buy off Oldford Group, owner of the Full Tilt and PokerStars brands, for a total of $4.9bn.
Baazov faces five charges, and those specifically are for "aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of the securities of Amaya inc., and communicating privileged information."

Upon his departure, 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."

Amaya expressed their gratitude, saying, "Amaya thanks Mr. Baazov for his contributions to Amaya since its inception and through its rapid growth, and looks forward to Mr. Ashkenazi's continued success in leading the execution of Amaya's strategy."

Amaya beamingly announced also that they have experienced a huge jump in net earnings in the 2nd quarter from continuing operations. Furthermore, they had a 10% increase in revenue and a 24.5% higher adjusted earnings, which are all in US currency.

From $72.1 million or 36 cents per share, Amaya's adjusted earnings have now risen to $89.7 million or 46 cents per share.

From $6.4 million, the net earnings from continuing operations have more than tripled to $22.5 million, with earnings per share rising from 3 cents to 12 cents.
The revenue has now risen to $285.9 million in the quarter, from $259.5 million garnered in the same quarter last year.

Amaya's brands include Full Tilt, PokerStars, and others that overall claim having a total of 103 million registered customers.

Source: http://www.pokernews.com/news/2016/08/former-ceo-david-baazov-permanently-out-at-amaya-25558.htm

 


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10 comments for "Amaya’s Interim CEO Permanently Replaces David Baazov"

 Tony_MON7ANA8/16/2016 10:36:08 AM GMT
Amaya posted its quarterly earnings data on Friday, August 12, 2016. As far as I can see, the company reported $0.46 EPS (Earnings Per Share) for the quarter, exceeding analysts’ consensus estimates of $0.34 by $0.12. During the same quarter in the prior year, the business posted $0.36 EPS. I expect Amaya stock price moving a little upward, for the time being at least.
 DaCapo718/16/2016 12:46:21 PM GMT
So we can hope for a lot of interestings promos in the near future like in the last time...But when Amay makes a lot of profit, we can await some additional nice promos next time. So we have a win-win situation Big Smile
 pinotte8/16/2016 1:49:27 PM GMT
Do you really think that Stars will make more promo because their owner made profit i would not count on that to much.

I saw this news in the paper and they were also saying that David Baazov even if is leaving the company for now he is still looking to buy 100% of Amaya. Future will tell us. Question Question
 Mober8/16/2016 3:54:53 PM GMT
Someone could say that this was expected after their recent moves.
You dont do changes like that if you havent won more than you used to, or you believe you will
in the near future.
They are the leaders in the poker industry and they will remain for quite some time.
 bowie19848/16/2016 11:50:09 PM GMT
Martha Stewart went to prison for insider trading, of course she did not get her sentence for the 'cheating' part rather than 4 blocking the federal investigation and so on.
Even if they can put this guy behind bars, he won't get hard sentence either IMO.
 pinotte8/17/2016 2:17:04 AM GMT
I would be very surprise if the guy goes in jail. From what i have read so far he will have a very good defense saying that he was not directly involved in this insider trading.

Someone else will take the blame instead of him.

These kind of guy rarely go in jail maybe a fine and not moore. Aww crap! Aww crap!

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I would be very surprise if the guy goes in jail. From what i have read so far he will have a very good defense saying that he was not directly involved in this insider trading.

Someone else will take the blame instead of him.

These kind of guy rarely go in jail maybe a fine and not moore. Aww crap! Aww crap!
 Mober8/19/2016 5:38:44 PM GMT
The loopholes are there always for the big players in this world.
When you are low in the ladder, there is no chance for you.
And these guys most of the times get away with it.
It is only when there is a good reason, that they are"hanging" one out there.
 STACIONAR9/4/2016 11:19:11 AM GMT
I have nothing bad against this person, but with his receipt, Poker Stars very strongly changed. And not to the best. Can now, the new management will begin to think of the new income and of us, players who often hanged on Poker Stars. It is sure that much lack those privileges and shares that a bya now earlier. All of good luck!
 Tony_MON7ANA9/4/2016 6:50:25 PM GMT
Annual compensation for the new chief executive officer Rafael Ashkenazi is estimated to be around $800,000 CAD, and the total calculated compensation as of fiscal year 2015 was around $2 million CAD, according to his Bloomberg profile.
 pochui9/5/2016 4:09:16 PM GMT
now with mr. Rafael Ashkenazi at the helm and mr. David Baazov in history one can ask whether Rafael Ashkenazi is actually any better than David Baazov or maybe it's quite the opposite, maybe David Baazov is one step, heck maybe even one and a half steps better than Rafael Ashkenazi?

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