The board of Betsson AB has informed that it has begun an executive search to find a replacement for Group Chief Executive Pontus Lindwall.
The leadership succession has been authorised as Betsson’s board concludes that Lindwall has achieved all objectives of the group’s ‘Back on Track’ strategy under his stewardship.
In September 2017, Lindwall re-took leadership of Betsson as the firm’s financial performance waned in light of higher operating expenses, European regulatory headwinds and a failed costly expansion into the UK betting market.
Lindwall, who had previously served as Betsson’s CEO from 1998 to 2011, spearheaded a group transformation strategy focused on restructuring the firm’s executive management and optimising the performance of proprietary platforms and systems used to operate Betsson brands.
Of significance, under Lindwall’s second stewardship Betsson AB launched a new international strategic roadmap aimed at establishing Betsson’s presence within new underpenetrated markets in South America and Eastern Europe – diversifying growth from saturated European and Scandinavian markets.
Following tough group-wide reforms undertaken from 2018-to-2019, Betsson recorded its best year in business in 2020, benefiting from its new strategic vision.
Interim 2021 results saw Betsson declare its best performance to date in terms of sales and earnings as group revenues surpassed the SEK 3 billion mark, helping Betsson declare YTD operating profits of SEK 2.2 billion (€195m).
Betsson Chairman Patrick Svensk thanked Lindwall for his 25-year leadership guidance serving as Betsson CEO and Chairman.
“Pontus has played an invaluable role in Betsson’s successful development,” said 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. 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.
“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.”