Betsson AB, the Swedish igaming operator, has started looking for a replacement for its outgoing group chief executive Pontus Lindwall, who announced that he would be stepping down in light of having achieved key group objectives. The board of directors has been authorized to start looking for a new chief executive, with Lindwall fulfilling most of the goals set under the “Back on Track” program and taking group results to unprecedented highs.
Lindwall’s Rise to Power and Decision to Step Down
Pontus Lindwall has been an established part of the Betsson Group for many years. He first served as chief executive for the group from 1998 through 2011, turning it into a successful international gaming giant. Following a personal and professional change-of-plan, Lindwall decided to step down from the helm of the company.
In his 12-year stint, Lindwall achieved a lot, including a successful group transformation, restructuring of the executive management setup, and optimizing performance across the board for all of Betsson’s platforms and systems that allowed the group’s brands and operators to run on a day-to-day basis.
Lindwall then stepped down as chief executive in 2011, but unsatisfactory performance brought him back in 2017 and he ascended to the leader position once again. In the period between 2017 through 2021, Lindwall helped the company face toughening regulatory landscapes all throughout Europe, with the United Kingdom, the Nordics, Germany, Spain and Italy increasingly regulating their gambling industries.
His guidance and stewardship allowed Betsson AB to refocus its efforts on a strategic international roadmap that fits the new challenges of the world. Group wide reforms took place under Lindwall in the period between 2018 and 2019, after which Betsson posted its best year’s results in 2020.
The interim results in 2021 saw the group’s success continue as the company managed to improve on the 2020 results once again and post even stronger performance. YTD operating profits for the company reached SEK 2.2 billion, its highest number yet.
Betsson chairman Patrick Svensk praised Lindwall’s service over the years and had this to say:
“Pontus has played an invaluable role in Betsson’s successful development. 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.”
Confident in the company’s success moving forward, Svensk concluded:
“Betsson has never been in a better position than today. We have built up a strong business, with competent employees and good finances. The Board’s assessment is that it is a good opportunity to make a change in the position of CEO.”
September 23, update: Betsson AB’s Patrick Svensk Steps Down amid Shareholder Riot
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