Swedish gambling group Betsson AB announced today it is on the market for a new chief executive officer to replace CEO Pontus Lindwall, who will be stepping down from the role at the end of the year.
The new executive search was authorized by the Board of Directors at Betsson Group following an assessment of the current position of the company and the achievements of CEO Pontus Lindwall in terms of the group’s “Back on Track” strategy.
Expressing his and the team’s gratitude to Lidwall for the 25 years dedicated to the company both as a CEO and Chairman, Betsson Chairman Patrick Svensk pointed to the “invaluable role” Pontus played in Betsson’s successful development from the moment he took the role of group chief executive officer in 2017.
When he took over as CEO in 2017, his mission was to strengthen the company’s position and create a solid platform for continued growth. That task has now been completed. We are grateful for all the good work Pontus Lindwall has done during these years and the strong foundation he has created for the future.”Patrick Svensk, Chairman, Betsson Group
Pontus Lidwall took on the role of Betsson CEO in September 2017, his second tenure at the helm of the group, as its financial performance was marred by higher operating costs, the business was facing regulatory clouds ahead in its core European markets and the consequences of a failed and costly expansion into the sports betting market in the UK.
Lindwall, who stepped down from a role as a Chairman of the Board to take the CEO role, was tasked with developing and implementing a transformation strategy that would aim to restructure the group’s executive personnel while leveraging its technology platforms and systems to propel an optimized performance for all brands under the Betsson Group umbrella.
Opportunity for Leadership Change
A significant achievement of Lindwall’s second tenure was the diversification of growth from the group’s core European and Scandinavian markets, which already showed signs of saturation, by establishing the group’s presence in underdeveloped markets in South America and Eastern Europe.
Pontus Lidwall’s and his managerial team’s efforts for group-wide reforms between 2018 and 2019 saw Betsson record the best ever financial performance in 2020, which continued in 2021 as the group maintained the same upward trajectory.
Betsson has never been in a better position than today. We have built up a strong business, with competent employees and good finances. The Board’s assessment is that it is a good opportunity to make a change in the position of CEO.”Patrick Svensk, Chairman, Betsson Group
Pontus Lidwall, who had previously served as Betsson Group CEO between 1998 and 2011, will continue to lead Betsson while the Board is looking for someone to fill his shoes.