Baazov Out at Amaya

Sun, Aug 14, 2016

David Baazov (l.) has severed all ties with the Amaya, the company he founded. Baazov took a leave of absence in March when Quebec authorities launched an investigation into financial irregularities and possible insider trading. Interim CEO Rafi Ashkenazi will now be permanent.

Less than six months after Amaya CEO David Baazov took a leave of absence, he stepped down from all positions at Amaya, cutting all ties with the company. Baazov is under investigation by Quebec’s securities regulator for financial irregularities and insider trading. In March, Baazov said he would “vigorously” fight the charges.

Amaya announced the changes as it reported its second-quarter earnings of 46 cents a share, topping a consensus by analysts 37 cents per share. Amaya stock rose briefly to C$22.64, its highest level since November 10.

The company also announced that the “interim” title would be removed from CEO Rafi Ashkenazi, who will take over permanently.

Baazov, who engineered the purchase of PokerStars and its related assets several years ago, has been trying to take Amaya private. It’s unclear how his departure last week will impact those plans.

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