David Baazov will require a short-term break from his responsibilities as the CEO and chairman of Amaya, the company announced today. The Canadian gaming conglomerate stated in a presser that Baazov, who is dealing with five as-yet-unproven charges of insider trading, are replaced in the interim by Rafi Ashkenazi as CEO, and Divyesh Gadhia as chairman.
David Baazov is taking a leave that is indefinite of from his responsibilities as CEO and chairman at Amaya. The company has conceded that it has to take the latest allegations ‘seriously.’
Ashkenazi may be the recently appointed CEO of Rational Group, while Gadhia is an Amaya director since 2010. Gahdia also chairs the ‘Special Committee’ of independent directors established on February 1 to oversee Baazov’s private takeover purchase proposal.
Baazov’s decision is ‘voluntary,’ according to Amaya, and can give him the opportunity ‘to focus on preparing an offer to get Amaya and to avoid a distraction for the company .
The message is that Baazov’s bid to take the company private is still into the pipeline, however unlikely it now appears to an observer that is outside. Meanwhile, the reshuffle in the board space suggests that the Board’s faith in its chairman and CEO been shaken by the unexpected broadening of the range associated with AMF investigation.
Baazov ‘Main Provider’ of Privileged Information
Amaya’s previously stated faith that Baazov wou