Kambi CEO and Co-Founder Kristian Nylén to Step Down
In a surprising announcement, Kristian Nylén, the CEO and co-founder of Kambi, revealed his plans to resign from his position within a year. This news came as a shock to many, considering Nylén’s instrumental role in the company’s success.
Founded in 2010 by Nylén and his partner Anders Ström, Kambi has become a leading sportsbook supplier in the industry over the last 13 years. Nylén explained that his decision to step down was motivated by a desire to spend more time with his family. Although the decision was difficult, he is committed to ensuring a smooth transition by staying on until a successor is appointed.
Anders Ström, Nylén’s co-founder, praised his contributions to Kambi, saying, “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.”
Following the announcement, Kambi’s shares experienced a 1.83% decrease. However, the company remains optimistic about its future performance, citing a 15% increase in revenue in the third quarter of 2023, amounting to €42.1m. Additionally, the company’s EBITDA grew by 3%, reaching €13.9 million, and the net profit increased by 34.6%, totaling €3.5 million.
In light of Nylén’s impending resignation, the company’s Nomination Committee nominated him for election to the board at the 2024 Annual General Meeting (AGM). If elected, Nylén will serve as a board member for at least a year.
Responding to the nomination, Nylén expressed his dedication to Kambi, stating, “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.”
In addition to Nylén’s resignation, Kambi has witnessed other significant staff changes. Co-founder Anders Ström was appointed as the new company chair, while Lars Stugemo, who had been with the company for almost 10 years, stepped down. However, Stugemo will continue to serve on the Nomination Committee, as per a proposal from Veralda Investment, the company’s largest shareholder. Furthermore, Benjie Cherniak is also nominated to join the company’s board.