Pontus Lindwall to leave Betsson as board seeks new leadership after record Q2

Betsson AB is seeking a new chief executive after the board of directors called time on Pontus Lindwall’s four-year tenure as CEO. A 25-year veteran of the business and the son of Betsson founder Bill Lindwall, Lindwall junior played an integral role in the development of the operator’s diversification into online gambling. Originally appointed CEO of Betsson in 1998, Lindwall advanced to the position of chairman in 2011, but later returned to the CEO role in 2017 following the departure of Ulrik Bengtsson. Upon his return, Lindwall was tasked with overseeing the implementation of the operator’s “Back on Track” strategic programme designed to return Betsson to profitability. The strategy saw an increased focus on product and tech development and the launch of Betsson’s B2B sportsbook department, as well as promoting efficiency in marketing and the firm’s internal processes. The board said the programme was now complete, citing the firm’s recent record Q2, where both sportsbook revenue and profit came in at all-time highs for the Stockholm-listed business. “The board believes that Betsson is ready for further renewal in order to meet the challenges in an international environment, more regulated markets and take advantage of new opportunities,” said the board of directors. “Against this background, the board will begin the work of searching for the next generation of international leader to further develop Betsson,” it added. Lindwall will remain as CEO until a successor is appointed, at which time the Swede will be entitled to 12 months’ severance pay. He earned a full remuneration of €961,000 in full-year 2020. Betsson AB chairman Patrick Svensk paid tribute to the “invaluable” role played by Lindwall in Betsson’s development but highlighted the need for change at the top as the firm looks to the future. “Betsson has never been in a better position than today,” said Svensk. “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. “When he [Lindwall] 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 has done during these years and the strong foundation he has created for the future,” Svensk added. Shares in Betsson AB dropped slightly following the news by 0.7% to a share price of SEK87.3.