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Home / Poker News March 2016 / Amaya CEO David Baazov Steps Aside

Amaya CEO David Baazov Steps Aside

Posted by: Jo Martin - Tue, 2016-03-29 14:51

Amaya CEO David Baazov Steps Aside

Amaya CEO David Baazov's exploits have raised quite a ruckus during the last couple of weeks, as it eventually became clear that he would have to bear some legal consequences. Quebec's securities regulator Autorite de Marches Financiers has leveled 5 charges of insider trading against him, as a result of which Baazov decided to step aside, taking a leave of absence for an indefinite period of time. It is important to note that Baazov will remain a member of the Amaya board of directors.
According to a statement released after his decision was made, Baazov said that he continued to remain committed to Amaya's cause (Amaya is the parent company behind both PokerStars and Full Tilt Poker). His leave of absence would allow the company to stay focused on its objectives while also giving him some maneuvering space to prepare his defense.
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An interim Chairman and an Interim CEO have been appointed as a result of Baazov's stepping aside. Divyesh Gadhia will be the Chairman going forth, while Rafi Ashkenazi will be the CEO.
Despite the troubled legal waters he's currently navigating, Baazov has said that he still intends to make a buy-out offer and to acquire Amaya, taking the company off the market for good. For the time being though, according to Amaya, no such offer has been received.
Despite the fact that a Special Committee set up to oversee the eventual transaction has begun looking for other parties potentially interested in the acquisition too, according to the company, no decision has yet been made in regards to whether or not it is in the best interest of the operation to sell out now.
For now, the current business plan will continue to be implemented.
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