Jacob Kaplan Steps Down as Evolution CFO

Evolution’s long-standing CFO, Jacob Kaplan, will step down in February 2025 after nearly nine years in the role.

Kaplan, who played a pivotal role in Evolution’s growth, will be succeeded by financial veteran Joakim Andersson.

Andersson brings a wealth of experience from private equity and digital finance, positioning him to lead Evolution’s financial future.

Discover how this transition will impact Evolution’s strategy amidst regulatory shifts and market challenges.

Evolution CFO Jacob Kaplan to Step Down in 2025, Joakim Andersson Appointed Successor

Key Points:

1. Jacob Kaplan will step down as Evolution CFO on February 18, 2025, ending a nine-year tenure.
2. Joakim Andersson will assume the role, bringing experience from Slättö, Cint, and Kinnevik AB.
3. Evolution faces regulatory challenges and sluggish RNG division growth, demanding strategic financial leadership.

Jacob Kaplan to Step Down as Evolution CFO in February 2025

After nearly nine years at the financial helm of Evolution, Jacob Kaplan will officially step down from his role as Chief Financial Officer (CFO) on February 18, 2025. Kaplan’s tenure has been marked by significant milestones, including substantial revenue growth, global expansion, and strengthened financial operations.

The announcement signals a pivotal leadership transition for the gaming giant, known for its dominance in the live casino sector and steady performance in the face of shifting regulations.

Jacob Kaplan’s Legacy at Evolution

Kaplan joined Evolution in 2016, bringing extensive experience in finance and consulting. Over his tenure, he played a crucial role in managing financial stability and driving profitable growth across key markets.

Under Kaplan’s leadership:

• Revenue surged to €475.3 million in Q4 2023, reflecting a 16.6% year-on-year increase.
• EBITDA climbed to €337 million in the same quarter, showing a 70.9% year-on-year boost.
• Evolution expanded its global footprint, solidifying its status as a leading live casino provider.

Kaplan’s financial acumen has been instrumental in navigating market volatility and maintaining Evolution’s competitive edge in an increasingly crowded space.

Chief Executive Officer Martin Carlesund expressed gratitude, stating:
“Jacob has been an integral part of our management team, contributing significantly to our growth and success. We wish him continued success in his next chapter.”

Introducing Joakim Andersson: Evolution’s Incoming CFO

Stepping into Kaplan’s shoes is Joakim Andersson, a seasoned financial leader with a diverse background across private equity, digital finance, and investment management.

A Proven Financial Leader

Andersson most recently served as CFO at Slättö, a private equity firm specializing in real estate investments. Prior to this, he held leadership roles, including:

• CFO at Cint: Spearheaded the company’s 2021 IPO and successfully managed two major M&A deals.
• 14 Years at Kinnevik AB: Progressed from Group Treasurer to CFO and served as Acting CEO during a critical growth phase.

Andersson’s expertise spans strategic finance, mergers and acquisitions, and corporate governance, making him well-suited to guide Evolution through current challenges.

Carlesund expressed confidence in Andersson, stating:
“Joakim’s extensive experience and financial insight will strengthen our team and drive the next phase of Evolution’s growth.”

A Challenging Financial Landscape for Evolution

While Evolution remains a dominant force in the live casino sector, it faces notable challenges:

1. Evolving Regulatory Environment: Compliance costs and operational adjustments continue to impact financial planning.
2. RNG Division Sluggish Growth: Despite strong live casino performance, the Random Number Generator (RNG) division has shown slower growth.
3. Market Competition: Increased competition demands strategic financial agility to maintain profit margins and investor confidence.

The arrival of Andersson signals a fresh approach to overcoming these hurdles, with a focus on innovation, financial resilience, and sustainable growth strategies.

Evolution’s Financial Snapshot: Q4 2023

• Revenue: €475.3 million (+16.6% YoY)
• EBITDA: €337 million (+70.9% YoY)

These figures demonstrate Evolution’s ability to deliver strong financial performance, even amidst external pressures.

A New Chapter for Evolution’s Financial Leadership

The departure of Jacob Kaplan marks the end of an era for Evolution, but the arrival of Joakim Andersson signals a promising new chapter. Kaplan leaves behind a legacy of growth, stability, and strategic excellence.

Andersson, equipped with extensive experience in corporate finance and strategic growth, is well-positioned to address Evolution’s challenges and capitalize on emerging opportunities.

As Evolution navigates regulatory complexities and market headwinds, the transition to Andersson’s leadership will play a key role in shaping the company’s financial future.

This leadership change is not merely a shift in personnel—it represents an opportunity for Evolution to solidify its place as a global gaming powerhouse.