Cherry CEO sacked amid insider trading accusations
Board member Gunnar Lind will take on chief executive role as the operator looks for a permanent replacement
Cherry Group CEO Anders Holmgren has been sacked effective immediately after being detained in Sweden for suspected insider trading.
The company has initiated a recruitment process for a permanent chief executive. Gunnar Lind, board member and chairman of the Cherry Audit Committee, has been appointed to the role during the interim.
Executive chairman Morten Klein said Holmgren was unable to perform his duties while facing accusations of severe insider trading.
“The board of directors has today decided to terminate his employment as CEO. In connection therewith, Anders Holmgren will also leave his assignments as board member in Cherry’s subsidiaries.
“As previously announced, Gunnar Lind is acting CEO and will remain in this position to ascertain that the group develops according to plan until a permanent CEO is appointed.”
According to Swedish news outlet privataafferer.se, Holmgren bought shares in Cherry in March, a few weeks before the firm issued a positive trading update in mid-April, although it is still unknown exactly what the charges relate to.