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Long-time Kindred Group chief executive Henrik Tjärnström has resigned effective immediately to be replaced by an interim successor, chief commercial officer Nils Andén.
The move comes as the company reviews possible alternatives including a merger or possible sale of all or part of the company.
Tjärnström, 52, had been CEO since 2010, and had been with the company since 2003, with previous positions including chief financial officer and deputy CEO.
Andén, a former professional football player, rejoined Kindred in 2020, after leaving in 2016 for stints at companies including GVC Group (now Entain).
At Kindred, he was previously head of poker and chief marketing officer for the Unibet brand.
Tjärnström’s resignation, announced last night (May 17), is not the only change at the top of the company.
Chief financial officer Johan Wilsby will step down in the autumn, the company said.
In April, the Stockholm-listed company said it was reviewing a possible merger or sale of all or parts of the business.
In recent years, Kindred has been under pressure from Norway, where the government has moved to protect its state gambling monopoly; the Netherlands, where its top position ended with a new licensing system; and the US, where it has failed to gain traction.
The step came as the company has been pressured for performance by shareholder New York City-based Corvex Management.
Although its shares have declined from a 2021 peak, its stock has risen 28 percent over the past 12 months, giving it a 29.1bn Swedish krona (€2.57bn) market cap.
Kindred under Tjärnström tangled with the Norwegian Gambling Authority, which issued the operator daily fines over allegedly operating in the country without a licence.
Earlier this week, officials from the Norwegian regulator said its cease-and-desist order against Kindred has been suspended until appeals are ended.
The regulator is awaiting a decision from the Lottery Complaint Board.
Kindred has been recovering ground in the Netherlands, where Tjärnström has promised it will regain the No. 1 slot by the end of the year.
“I have a strong belief in our organisation and the business models that have made this company so successful and am more confident than ever in Kindred’s potential,” Anden said.
Tjarnstrom said the board’s choice of Anden was “guaranteeing a smooth hand over”.
Kindred said it reaffirmed its guidance for 2023. In January, it promised full-year underlying EBITDA of at least £200m.
