Patrik Hofbauer to depart as Svenska Spel CEO
Patrik Hofbauer is to step down as its president and chief executive early next year.
Sweden.- The state-owned gambling operator Svenska Spel has announced that Patrik Hofbauer will step down as president and chief executive after five years. He will depart on January 31 to become president and CEO at the telecommunications company Telia Company.
Svenska Spel says it has begun a search for a replacement. Hofbauer joined Svenska Spel in December 2018 after four-and-a-half years as CEO at Norwegian telecommunications company Telenor.
He said: “In recent years, I have had the privilege of leading Svenska Spel. It has been a fantastic journey together with our customers, partners and, not least, employees. It is not an easy decision to change roles or leave a company that I value so deeply.
“With a strong culture, a clear values compass and enormously committed employees and leaders, Svenska Spel is in a position to continue delivering value for our customers, Sweden and the Swedish sports movement.”
Svenska Spel chairman Erik Strand added: “Through his solid knowledge, great commitment and brilliant leadership qualities, Patrik Hofbauer has successfully led Svenska Spel for some time through major changes for the company. Svenska Spel is today a modern company that delivers sustainable gaming experiences.
“Patrik’s personal leadership has navigated Svenska Spel through the reregulation of the gaming market in 2019 and he, together with the board and his team, has set a clear future agenda and strategy. Patrik is a person and company leader who makes a real difference. On behalf of the board, I’d like to extend a warm and big thank you for his valuable contribution.”
Hofbauer has a background in telco, media and advertising. He worked vice-president and CEO of Telenor Broadcast. Hofbauer and CEO of Clear Channel Sweden. He worked at Canal Digital Sverige and NEC Scandinavia earlier in his career. He serves on the boards of Presto Holding, Clas Ohlson, NHST Media Group and Svenskt Näringsliv.
Svenska Spel restructuring
In July, Svenska Spel announced that it will restructure its land-based gaming business after a drop in revenue in H1. The segment comprises the Casino Cosmopol venues and its Vegas slot machine operations.
Svenska Spel reported net gaming revenue of SEK 1.97bn (€170m) for H1, up slightly from SEK1.96bn in H1 2022. Online revenue was up by 9 per cent, now accounting for over half (52 per cent) of the company’s total. However, revenue from the land-based Casino Cosmopol chain and Vegas slot machine business fell by 13 per cent (down SEK29m) to a SEK52m loss.
Revenue from the Tur lottery business remained steady, up just 1 per cent at SEK1.21bn.
