T
he Board of Directors for Swedish holding company Betsson announced Friday it has begun a process to find a replacement for its longtime CEO and founder Pontus Lindwall. According to a press release, the board concluded that Lindwall has completed the assignment “Back on Track”, which is “the program he was hired as CEO to implement in 2017.”
The online gaming company, listed on Nasdaq Stockholm, believes to be ready “for further renewal” in order to meet the challenges presented by the international industry environment as more regulated markets launch. Betsson wants to “take advantage of new opportunities” present within the gaming landscape.
Amid this new background, the Board will begin the work of searching for the “next generation international” leader to further develop the company’s operations. Lindwall will remain in the role throughout the process until a new CEO has been appointed. He is also entitled to twelve months’ severance pay from the time he leaves the company.
“Betsson has never been in a better position than today,” said Patrick Svensk, Chairman of the Board of Betsson. “We have built up a strong business, with competent employees and good finances.”
This is further supported by figures, as in the second quarter of 2021 the company reported its best quarter to date in terms of sales and earnings. “The Board’s assessment is that it is a good opportunity to make a change in the position of CEO,” added Svensk.
Lindwall has led the development of Betsson and its predecessors for almost 25 years, having been appointed CEO of the company as early as 1998, holding that position until 2011. That year, Lindwall was elected Chairman of the Board, before being assigned again as CEO in 2017.
Under his second appointment as CEO, Betsson launched its new global strategy, establishing presence in new markets in South America and Eastern Europe, thus diversifying its operations. Following reforms in 2018 and 2019, in 2020 the company recorded its best year in business.
“Pontus Lindwall has played an invaluable role in Betsson’s successful development,” valued Svensk. “When he took over as CEO in 2017, his mission was to strengthen the company’s position and create a solid platform for continued growth. That task has now been completed.”
The Board of Directors has stated that it is grateful for Lindwall’s work throughout all these years and “the strong foundation” he has created for the company’s future.
