Betsson faces extraordinary general meeting proposing election of outgoing CEO Pontus Lindwall to board

Betsson AB’s corporate wrangle intensified this week, as a group of shareholders holding more than ten per cent of the company’s shares declared an Extraordinary General Meeting (EGM) with an agenda notably including a proposal to reinstate outgoing CEO Pontus Lindwall to the board.

The vote, according to the company’s EGM notice, calls for Mr Lindwall to be elected to the board to the next Annual General Meeting (AGM).

Additionally, it suggests current board members Jan Nord, Fredrik Carlsson, Johan Lundberg and Eva Leach should be re-elected, and Peter Hamberg join it for the first time.

Among the major shareholders to call for next month’s EGM was Mr Lindwall’s mother, Berit Lindwall.

Mr Lindwall’s impending departure from Betsson has sparked a tumultuous period for the group, whose share price has spiralled, from a month peak of 91 SEK, to less than 72 SEK at the time of writing.

Additionally, the chairperson of the company’s board Patrick Svensk resigned in the wake of the announcement, after reportedly being informed he had lost the confidence of the group’s major shareholder for his handling of the announcement concerning Mr Lindwall’s departure.

“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 the wider iGaming community, Mr Lindwall’s support seems to remain strong. He has been a mainstay of Betsson AB, leading it and its predecessors for almost 25 years.

He was appointed as CEO in early 1998, holding that position till 2011, when he was elected chairman of the board. He then returned to his most recent assignment as CEO in 2017.

Locally, in the wake of the announcement of the EGM, iGaming NEXT – a leading content-driven iGaming conference company, threw its weight behind Mr Lindwall, saying he “deserves to continue making Betsson the best gambling company it can be.”

“From taking over a wobbly Betsson in 2017, to steering she ship to all time high revenues in 2021, highly respected by his colleagues and peers. Therefore we are starting the campaign to #BringPontusBack!”