Betsson chairman Patrick Svensk resigns in wake of announcement on departure of CEO

Chairman of the board at Betsson Group, Patrick Svensk, has resigned from the group with immediate effect following the aftermath of the announcement that Pontus Lindwall, CEO of the same company, is departing.

According to a report by iGamingBusiness.com, Mr Svensk is departing after being informed that he had lost the confidence of the group’s major shareholders due to his handling of Mr Lindwall’s announcement of departure, communicated through a press release last Friday.

Mr Svensk has been a member of Betsson Group’s board since 2017, while Johan Lundberg is poised to replace him.

Speaking of his departure, he commented:

“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.”

In a statement, Betsson said that Michael Knutsson, the chairman of the company’s nomination committee, expressed full confidence for the remaining board members.

On his part, Mr Lindwall is stepping down after the group said he had “completed” his goals as CEO, and that a hunt for his replacement is underway.

Mr Lindwall was first appointed Betsson CEO in 1998 until 2011. He started a second stint at the helm of the group in 2017. He will be leaving the group while it is experiencing a strong performance. The second quarter of this year saw the company break records in terms of earnings before interest.

Mr Svensk, commenting on the CEO’s departure last week, said:

“Pontus Lindwall has played an invaluable role in Betsson’s successful development. 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.”