Cherry AB has sacked its CEO and President Anders Holmgren, in the aftermath of his arrest over accusations of insider trading.
The group’s board made the call to end his employment effective immediately, with Gunnar Lind continuing in an acting role until a permanent replacement is found.
Morten Klein, chairman of the board of Cherry AB, said: “Anders Holmgren has made valuable contributions as CEO of Cherry, but he is 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.”
Gunnar Lind was CEO of Cherry AB between 2006 and 2011 and is currently member of the board and chairman of Cherry’s audit committee.
