Lindwall to Remain Betsson CEO after Board About-Turn
Betting giant Betsson’s board has confirmed that Pontus Lindwall is to remain its chief executive. The announcement is a reversal of a decision made earlier this year, which would have seen the company founder leave his role.
Lindwall was first appointed as CEO of Betsson (STO: BETS-B) in 1998, and he remained in the position until 2011. He then returned to the role in 2017. However, his departure was announced through a press release in September, with the business saying that he had “completed” his aims in the job.
Due to the way that Lindwall’s departure was handled, the former chair Patrick Svensk was forced to announce his resignation following a no-confidence vote. Then, at Betsson’s Extraordinary General Meeting (EGM), the company shareholders confirmed new board appointments, and the new board quickly returned Lindwall to the job.
We have had several discussions with Betsson’s main stakeholders, the Betsson management team, Betsson employees, as well as many of the largest shareholders. Based on those discussions, the current Board does not believe that it would be good to change leadership now. The company needs to focus on all important work that lays ahead, such as, for example, the unexpected Dutch situation.
The resolutions from the EGM were announced on Monday, October 25, and one of them was the replacement of Svensk as chairman of the board by Lundberg. The same meeting saw Lundberg, Eva Leach, and Fredrik Carlsson re-elected to the board.
At the same time, Lindwall and Peter Hamberg became new members of the board until the next annual general meeting (AGM). Betsson’s shareholders also approved a number of additional motions related to the board, such as that the board would be made up of five members without deputies until the next AGM.