The chairman of the board of directors at Betsson AB, Patrick Svensk, has stepped down from his position following discontent among shareholders and company investors pertaining to their decision to release group executive Pontus Lindwall. Svensk has informed the Nomination Committee about his decision to discontinue his duties as part of the group’s Board of Directors with immediate effect.
What Led to the Decision and What Happens Next?
Patrick Svensk originally stepped onto Betsson’s Board of Directors in 2015 and he has been the board’s chairman since 2017. However, his decision to resign comes after the release of Pontus Lindwall and the subsequent handling of the situation. Some of our sources close to the matter claim that Lindwall found out about Svensk’s decision on the news the day of the press release.
The company’s major shareholders objected to Svensk’s decision and said that there was a “lack of full trust” necessary to conduct day-to-day operations.
Commenting on the situation, Svensk expressed regret at how the issue had been handled, adding:
“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.”
He has been replaced by Johan Lundberg, who will be carrying out his duties as new Chairman and who has been a member of the board since 2018.
Lundberg thanked the rest of the board, shareholders, and Svensk for the opportunity to be working in the new position and said:
“I would like to extend a warm thank you to Patrick Svensk for his valuable contributions to the Board for almost 17 years. 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.”
Svensk had decided to relieve the now-former Betsson CEO Pontus Lindwall from his duties earlier this month. Lindwall, who had previously served the group as CEO through 2011, was hired back in 2017 to help patch flagging performance for the company.
After his first two years back on the job, Betsson managed to post its highest performance in 2020, citing strong growth and increasing international presence backed by financial figures. The interim results in 2021 proved to be even more successful for Betsson, but the sudden dismissal of Lindwall caused a stir among shareholders.
Lindwall is largely seen as the man who put Betsson back on track and his removal from his duties was seen as being too hasty and lacking in transparency by shareholders, which was the cause for their objection to Svensk’s most recent actions.
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