Betsson chairman Svensk resigns following shareholder revolt

| By Richard Mulligan
Betsson chairman Patrick Svensk has resigned from the group in the wake of the announcement that founder and chief executive Pontus Lindwall is to depart.

Svensk will leave with immediate effect after being told he no longer has the full confidence of the group’s major shareholders due to the handling of Lindwall’s departure, which was communicated by press release last Friday (17 September).

Svensk, who had been a member of Betsson’s board of directors since 2005 and chairman since 2017, will be replaced by Johan Lundberg.

“It is very sad, and I am sorry that I have disappointed our major owners, but I have done what I thought was best for the company. I am proud of what we have achieved during these years and wish everyone at Betsson great luck in the future,” said Svensk.

Lundberg, who has been a member of Betsson’s board since 2018, is the founder of NFT Ventures and a board member of Loomis, Svolder and Ölands Bank.

“I would like to extend a warm thank you to Patrick Svensk for his valuable contributions to the board for almost 17 years,” Lundberg said.

“I look forward to continuing the work with the rest of the board to recruit the next generation of international leader to Betsson and at the same time complete the strategic work that is going on with renewal and growth.”

In a statement, Betsson added that Michael Knutsson, the chairman of the nomination committee, “has expressed full confidence and support” for the remaining board members.

The group last week announced that Lindwall is to step down after it said he had “completed” his goals as chief executive, and said it had begun the search for his replacement.

Lindwall was first appointed Betsson CEO in 1998, and would hold the position until 2011. He started his second term as CEO in 2017.

Lindwall’s departure comes off the back of a record quarter for Betsson in terms of earnings before interest. Lindwall will remain as CEO until a replacement is found. The operator said that given these results, Lindwall has completed the operator’s “Back on Track” recovery program, which he was hired to implement.

Commenting on Lindwall’s departure at the time, Svensk said: “Pontus Lindwall has played an invaluable role in Betsson’s successful development. When he took over as CEO in 2017, his mission was to strengthen the company’s position and create a solid platform for continued growth.

“That task has now been completed. We are grateful for all the good work Pontus Lindwall has done during these years and the strong foundation he has created for the future.”

Image: BetssonAB.com

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