The board of Betsson AB has withdrawn its decision to replace Pontus Lindwall as Group CEO.
The decision follows a consideration of the Stockholm-listed group’s ‘near-to-mid future priorities’, made in light of Betsson’s unexpected failure to secure a Dutch KOA online gambling regime licence and to help further execute new market expansion projects in the US and LaTam.
This September, Betsson governance communicated that it had begun its executive search for Lindwall’s replacement, who had completed his second tenure as group Chief Executive.
Lindwall was reinstated as leader of Betsson in 2017, charged with undertaking the ‘back-on-track’ strategic transformation of the firm’s operating units, technology systems and executive management.
The decision to end Lindwall’s second CEO tenure was sanctioned by former Betsson Chairman Patrick Svensk, who resigned this October following a dispute with major shareholders.
“We have had several discussions with Betsson’s main stakeholders, the Betsson management team, Betsson employees, as well as many of the largest shareholders.” – read a statement by Johan Lundberg, Chairman of the Board of Betsson AB.
“Based on those discussions the current Board does not believe that it would be good to change leadership now. The company need to focus on all important work that lays ahead, such as for example the unexpected Dutch situation.”