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UPDATE 1-PokerStars' owner Amaya says Baazov stepped down, names new CEO

Published 2016-08-12, 07:34 a/m
© Reuters.  UPDATE 1-PokerStars' owner Amaya says Baazov stepped down, names new CEO
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(Adds details, background)

Aug 12 (Reuters) - Amaya Inc AYA.TO AYA.O , owner of gambling websites PokerStars and Full Tilt, said Chief Executive David Baazov, who was charged with insider trading by Quebec's securities regulator, stepped down on Thursday.

The company said interim CEO Rafi Ashkenazi replaces Baazov.

Ashkenazi has been the chief executive of Rational Group, Amaya's online gaming unit, since November.

Amaya said in March, a week after Baazov was charged, that he was taking an indefinite paid leave of absence. regulator brought charges against Baazov about two months after Amaya said it had received a non-binding proposal from him to take the company private.

The charges followed an investigation into Baazov and other executives in 2014 for trading in Amaya's stock ahead of the company's $4.9 billion takeover of PokerStars-owner Rational Group.

Baazov, who chaired Amaya's board until he went on leave, will not stand for re-election to the board, Amaya said on Friday. Gadhia, who was named interim chairman in March, has been made permanent, Amaya said.

Amaya's net earnings from continuing operations rose to $22.49 million, or 12 cents per share, in the second quarter ended June 30, from $6.38 million, or 3 cents per share, a year earlier.

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