Svensk resigns from board as Betsson Chairman after CEO dismissal

Maria Debrincat 2 years ago
Svensk resigns from board as Betsson Chairman after CEO dismissal

The forced resignation comes after significant stockholders lost faith in his leadership abilities

Following the departure of the company’s Chief Executive earlier this month, Betsson announced on Thursday that its chairman, Patrick Svensk, has resigned effective immediately.

Svensk has served on the Director Board since 2005 and as Chairman from 2017. His resignation was motivated by the lack of trust expressed by stakeholders in him as Chairman. This primarily stemmed from Betsson AB CEO Pontus Lindwall’s departure earlier this month.

betsson group

The former Chairman Svensk stated “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.”

Lundberg, who has served on Betsson‘s board of directors since 2018, is the founder of NFT Ventures and is on the boards of directors of Loomis, Svolder, and lands Bank.

Lundberg expressed: “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 leaders to Betsson and at the same time complete the strategic work that is going on with renewal and growth.”

Betsson noted in a statement that the head of the nominating committee Michael Knutsson “has expressed complete confidence and support” for the remaining board members. He also supports the company’s choice to recruit a new international leader for the company.

The group stated last week that Lindwall will resign as from his position after he finished his objectives as CEO and that the hunt for his replacement had begun. Lindwall was named CEO of Betsson in 1998 and remained in the post until 2011. In 2017, he began his second term as CEO.

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