Kristian Nylén, a CEO and co-founder of Kambi, plans to resign from his current position in the company within a year, as he announced to the Board.
Huge loss for the company:
Back in 2010, Nylén and his partner, Anders Ström, founded Kambi, and in the last 13 years, the company has grown into one of the most successful in the whole industry when it comes to sportsbook suppliers.
Nylén decided to give up his role so he could spend more time with his family, and he stated that the decision was tough. However, Nylén doesn’t plan to leave the company before his successor is appointed.
Ström commented on this: “Kristian’s role has been critical in positioning Kambi as a frontrunner in our sector. His strategic foresight and unwavering commitment have been central to our many achievements over the years. I am delighted the Nomination Committee has proposed Kristian for the Board, where his extensive industry knowledge will continue to greatly benefit Kambi.”
The decision left the Kambi shares dropping down, with a 1.83% decrease. However, the company hopes the revenue and shares will increase and surpass its Q3 revenue. In the third quarter of 2023, the company’s revenue increased by 15%, and it was €42.1m, despite the loss of the renowned PENN Entertainment.
The company’s EBITDA also grew by 3%, and it was €13.9 million. The net profit was €3.5 million, which is an increase of 34.6%.
Just before Nylén announced his resignation, the company’s Nomination Committee decided to nominate him for election to the board. The new board member will be chosen in May, at the 2024 Annual General Meeting (AGM). If he’s elected, Nylén will be obligated to be a member of the board for at least a year.
Nylén accepted the proposal, and he stated in a press release: “As co-founder, my heart and professional allegiance remain firmly with Kambi, therefore, I am honored to accept the Nomination Committee’s proposal to join the Board. Pending my election at the forthcoming AGM, I look forward to focusing more intensively on the strategic aspects of our business, however, my immediate attention remains on driving Kambi forward in my current role.”
Change of roles prior to AGM:
Besides Nylén’s resignation, a lot is going on in Kambi when it comes to the staff changes, especially leading ones. Ström founded Kindred Group in 1997 and then joined forces with Nylén to found Kambi in 2010. That led to changes that occurred in November 2023, Anders Ström was appointed a new company chair, and Lars Stugemo left the company after almost 10 years. However, he will remain in his position on the Nomination Committee, since Veralda Investment, the largest company’s shareholder, proposed him. On top of that, Benjie Cherniak is also nominated as one of the members of the company’s board.