Kambi CEO to step down after 14 years at the helm

Kambi CEO Kristian Nylén has informed the sports betting supplier’s board of director that he will vacate the top job in 2024.

Since co-founding the business with Anders Ström in 2010, the Swede has served as CEO of the Stockholm-listed firm

Nylén will step down from his position upon the appointment of a successor.

Kambi confirmed that a search for a new CEO will commence “immediately”, with updates to be provided in due course.

While Nylén is set to step down as CEO, he has been nominated to join Kambi’s board at the group’s 2024 AGM.

He has also been joined on the nomination docket by Canadian investor Benjie Cherniak.

Nylén’s imminent departure marks the second major exit since November following Lars Stugemo’s decision to stand down as chair.

Stugemo was replaced by Ström, with that appointment set to be made permanent at the same AGM later this year.

Nylén said: “The decision to stand down from my position at Kambi after so many enjoyable years has been difficult, but one predominantly driven by my desire to spend more time with my young and growing family.

“As co-founder, my heart and professional allegiance remain firmly with Kambi, therefore, I am honoured to accept the Nomination Committee’s proposal to join the board.

“Pending my election at the forthcoming AGM, I look forward to focusing more intensively on the strategic aspects of our business, however, my immediate attention remains on driving Kambi forward in my current role,” he added.

Meanwhile, Ström said: “Kristian’s role has been critical in positioning Kambi as a frontrunner in our sector. His strategic foresight and unwavering commitment have been central to our many achievements over the years.

“I am delighted the Nomination Committee has proposed Kristian for the board, where his extensive industry knowledge will continue to greatly benefit Kambi.”

Kambi shares dipped 1% to around SEK162 (£12.40) in early trading on the Nasdaq First Growth Market in Stockholm.