Kristian Nylén, the CEO and co-founder of Kambi, has announced his plans to resign from his position within a year, a move that has left the company facing a huge loss. Nylén, along with his partner Anders Ström, founded Kambi back in 2010, and over the past 13 years, the company has become one of the most successful sportsbook suppliers in the industry.
Nylén’s decision to step down is motivated by his desire to spend more time with his family, and he has made it clear that he will not leave the company until a suitable successor is appointed. Commenting on Nylén’s resignation, Ström emphasized the critical role that Nylén has played in positioning Kambi as a frontrunner in their sector, highlighting his strategic foresight and unwavering commitment.
Following the announcement, Kambi’s shares experienced a 1.83% decrease, but the company is hopeful that its revenue and shares will rebound and surpass its Q3 performance. In the third quarter of 2023, the company’s revenue increased by 15% to €42.1m, despite the loss of the renowned PENN Entertainment. Additionally, Kambi’s EBITDA grew by 3% to €13.9 million, and the net profit increased by 34.6% to €3.5 million.
In light of Nylén’s impending departure, the company’s Nomination Committee has nominated him for election to the board, with the new board member set to be chosen in May at the 2024 Annual General Meeting (AGM). If elected, Nylén will be obligated to serve on the board for at least a year. Nylén has accepted the nomination, stating that his heart and professional allegiance remain firmly with Kambi, and he looks forward to focusing more intensively on the strategic aspects of the business.
In addition to Nylén’s resignation, Kambi has seen other significant changes in its leadership. Anders Ström was appointed as the new company chair in November 2023, following the departure of Lars Stugemo, who served the company for almost 10 years. Stugemo will, however, remain in his position on the Nomination Committee, as proposed by the largest company shareholder, Veralda Investment. Furthermore, Benjie Cherniak has been nominated as a member of the company’s board.