Amaya CFO Daniel Sebag leaves

  • Signs for push-out forces
  • After almost ten years on the job
  • Laud, praise, thanks and good wishes for Sebag
  • Search for a successor

(management-change.com) — Montreal, Québec, Canada, January 20, 2017 — Daniel Sebag, finance chief of Amaya, leaves. As announced by Amaya Inc. in a news release on Friday, January 20, 2017, Daniel Sebag leaves the post as Chief Financial Officer at the gaming and online gambling company in a surprising move after almost ten years on the job, effective later this year once his successor is identified and appointed.

Amaya will undertake a search for a successor.

No reason given

In the announcement, Amaya did not explicitly explain the reason for Sebag’s move, opening the door for speculation.

“Retire”

Amaya said: “Daniel Sebag has advised Amaya that he will retire as Chief Financial Officer later this year once his successor is identified and appointed, and will assist Amaya in ensuring an orderly transition of his duties.”

Precise information about the future plans of Sebag was not immediately available.

Share price decline

The change follows a decline in the share price of Amaya Inc. since November 2014.

Caledonia holds 15.08 percent stake

Caledonia (Private) Investments Pty Ltd reported a 15.08 percent stake in Amaya Inc. as of September 30, 2016. Caledonia is a global investment management firm with a goal of achieving high absolute returns over a long-term time horizon.

Chaired by Dave Gadhia

Amaya Inc. is chaired by Divyesh (Dave) Gadhia.

CEO: Rafi Ashkenazi

Rafi Ashkenazi serves as CEO of Amaya Inc. Ashkenazi has been Chief Executive Officer of Amaya, Inc. since August 12, 2016 and served as its Interim Chief Executive Officer since March 29, 2016.

On the job as CFO since 2007

Sebag joined Amaya in 2007 as its first CFO and managed its finances and accounting as a start-up through its initial public offering and its transformation to a consumer technology company through the $4.9 billion Rational Group acquisition in August 2014.

Sebag is a Chartered Accountant and specializes in the areas of cost management and financial reporting systems.

He currently oversees the Corporation’s financial reporting and treasury functions.

Between 1999 and 2007, Sebag was a faculty lecturer at McGill University in Montreal, Québec, Canada where he led executive seminars in accounting and finance at its International Executive Institute, including the Directors Education Program and the Advanced Management Course.

He has also taught advanced accounting courses to students in the McGill University MBA and Chartered Accountancy programs.

From 1993 to 2007, Sebag served as a financial, accounting and information systems consultant to several multinational companies, including Bombardier, Ericsson, Transat AT and Air Liquide.

Sebag earned a Bachelor’s of Science degree in Psychology from McGill University in 1987 and a Specialized Graduate Diploma in Accounting from McGill University in 1991.

Unexpected

Generally speaking, when a top leader announces to step down with no successor available, it is a sign that the move was unexpected and too early.

Generally speaking, potential causes for an unexpected change may be, among others, disagreement, health reasons, urgent family reasons or surprising new career opportunities.

Signs for push-out forces

It is not completely certain what forces eventually triggered Daniel Sebag’s move.

The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.

Read the full story in the management-change.com report 04.2017 ($).