Stugemo steps aside with immediate effect after saying he did not intend to seek re-election at the Kambi AGM 2024. Ström will serve as chair until the AGM, where his appointment will be formally proposed.
While Stugemo will no longer be chair, he remains a member of the Nomination Committee. This is through his nomination by Veralda Investment, the largest shareholder in Kambi.
“After 14 years of an inspiring journey with Kambi, including almost a decade as chair, I have decided, after careful consideration, not to stand for re-election next year,” Stugemo said.
“It became clear that I should, if possible, promptly pass the leadership to someone else. In this case, both I and Kambi are fortunate that Kambi’s co-founder Anders Ström is also a member of the board and is ready to immediately take over as chair.”
Ström: a long history with Kambi
In taking on the role, Ström extends his affiliation with the business he helped launch. After launching Kindred Group in 1997, he co-founded Kambi with CEO Kristian Nylén in 2010.
Ström has also served as a Kambi board member since the business launched over 13 years ago.
“I am honoured to have been asked by the Kambi board to become its chair,” Ström said. “I look forward to leading the board of a company showing real commercial momentum through recent partner signings and redefining what is possible in sports betting through significant technological breakthroughs, including AI-powered trading.
“These achievements not only strengthen our position but also boost morale and drive within the company, paving the way for future successes and growth.”
Ström also paid tribute to predecessor Stugemo. He said: “Lars has made many important contributions to Kambi’s development as both a founder and shareholder. I’m very grateful for the journey we’ve undertaken together and wish him the best in his future endeavours.”
Robust growth for Kambi in Q3
News of the change in chair comes after Kambi earlier this month published its Q3 results. These made for positive reading, with Kambi overcoming the loss of Penn Entertainment to deliver year-on-year growth across divisions.
Key highlights included revenue growth of 15% year-on-year, boosted by non-recurring fees in relation to Penn and Shape Games. Revenue was at €42.1m (£36.8m/$45.7m) compared to €36.7m in Q3 2022.
EBITDA during the period was up 3% to €13.9m at slightly uplifted margin of 11.0%. Kambi also said net profit increased 34.6% to €3.5m.
Speaking on the results, CEO Nylén says he is confident Kambi’s progress in Q3 and since puts it on track to achieve long-term financial targets. Set out in January, 2027 financial targets are revenue of 2-3x FY2022 levels (approximately €330m to €500m) and EBIT in excess of €150m.