Patrick Svensk steps down as Betsson Chairman after shareholder criticism

Major shareholders at Betsson AB have stated that ‘they no longer have full confidence’ in Patrick Svensk, prompting the Chairman to resign from his position on the company’s Board.

Svensk informed the company’s Nomination Committee that he would resign from the position he has held since 2017 with immediate effect, whilst the firm has disclosed that Board member Johan Lundberg would take his place.

“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” Svensk commented. “I am proud of what we have achieved during these years and wish everyone at Betsson great luck in the future.”

The resignation of Svensk follows the departure of Group Chief Executive Potus Lindwall last week, as the company disclosed that it had achieved all objectives of its ‘Back on Track’ strategy under his leadership.

However, Betsson has detailed that the lack of shareholder trust in Svensk was a result of ‘how the dismissal of the CEO was handled’.

Commenting on Svensk’s departure, Lundberg – who has been a Betsson Board member since 2018, said: “I would like to extend a warm thank you to Patrick Svensk for his valuable contributions to the Board for almost 17 years. 

“I look forward to continuing the work with the rest of the board to recruit the next generation of international leader to Betsson and at the same time complete the strategic work that is going on with renewal and growth.”

Michael Knutsson, the Chairman of Betsson’s Nomination Committee, has “expressed full confidence and support for the remaining Board members and its election of a new Chairman”.

The major Board changes at Betsson follow the firm recording its best performance to date in its 2021 interim results with regards to sales and earnings, which surpassed SEK 3 billion with YTD operating profits of SEK 2.2 billion (€195m).

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