Betsson’s boardroom woes deepen as chairman is forced to quit

Betsson AB chairman Patrick Svensk has resigned after major shareholders lost confidence in his stewardship abilities. In a statement, the Malta-headquartered operator said shareholders were experiencing a “lack of full trust” in Svensk’s leadership approach after the way in which the dismissal of long-standing CEO Pontus Lindwall was announced last week. Lindwall, the son of Betsson AB founder Bill Lindwall, will exit the firm when his long-term replacement is found despite Betsson reporting record profit during the last financial quarter. As justification for his dismissal, Betsson suggested Lindwall had accomplished his mandate of returning the firm to profitability – a task he was given following the departure of Ulrik Bengtsson in 2017. However, EGR understands the decision to push Lindwall towards the exit door was made solely by the board without the backing of the operator’s owners and leading shareholders. The announcement shocked Betsson staff and Lindwall himself, who said in an internal email seen by EGR: “The decision came as a surprise to me. “It is with great sadness I will leave what I refer to as my second family, which is all of you,” he added.

At the time, the Betsson AB board said the time had come to develop the “next generation of international leader”, a stance they reiterated while confirming the resignation of Svensk. “The chairman of the nomination committee Michael Knutsson has expressed full confidence and support for the remaining board members and its election of a new chairman and supports the decision to seek the next generation of international leader for Betsson,” said the operator in a statement. Svensk has served on Betsson’s board of directors since 2005 and as chairman of the firm since 2017. His resignation will be accepted with immediate effect, Betsson confirmed. Svensk said: “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,” he added. Johan Lundberg will become the new chairman, having served on the Betsson board since 2018. Lundberg is the founder of NFT Ventures and is also a board member at Loomis, Svolder and Ölands Bank. Despite the nature of Svensk’s departure, Lundberg offered a “warm thank you” to his predecessor for his contribution to the firm over a 17-year period. “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,” Lundberg added.