Betsson chairman Patrick Svensk steps down

Patrick Svensk has stepped down after more than 15 years on Betsson’s board amid a shareholder revolt.

Sweden.- Betsson chairman’s Patrick Svensk has resigned after being told he no longer has the confidence of the group’s biggest shareholders. His decision comes after the announcement last week that Betsson’s founder and chief executive Pontus Lindwall will also leave the company.

Svensk joined Betsson’s board of directors in 2005 and has been chairman since 2017. He will be replaced by Johan Lundberg, the founder of NFT Ventures and a board member of Loomis, Svolder and Ölands Bank. Lundberg joined Betsson’s board in 2018.

Svensk said in a statement: “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 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.”

Betsson is looking for a new CEO after announcing the departure of Lindwall last week. Lindwall served his first stint as Betsson CEO from 1998 to 2011, and began a second term in 2017.

Betsson announced last week that he would depart once a new CEO is found, having completed his goals following a record quarter for earnings.

Betsson said that Michael Knutsson, chairman of the nomination committee, had expressed “full confidence and support” for the company’s remaining board members.