Henrik Tjärnström has resigned as chief government of Kindred Community, with chief industrial officer Nils Andén to succor as his intervening time replacement.
Henrik Tjärnström first joined Kindred Community, then Unibet, as a non-government director in 2003. He changed into its chief monetary officer and deputy CEO in 2008, before taking the halt job two years later.
“Henrik has been at the helm thru many well-known milestones passed by Kindred and has positively attach his tag in each and each the history of the company and the change,” Kindred chairman Evert Carlsson said.
“Thus, on behalf of the board of directors and all shareholders I’d resolve to thank Henrik for his treasured contributions to the success of Kindred all the contrivance in which thru the years he has led the Company and want him successfully in his future endeavours,” he added.
Tjärnström’s resignation comes days after chief monetary officer Johan Wilsby introduced he would step down later in 2023.
Nils Andén named intervening time Kindred CEO
His replacement Nils Andén joined Kindred Community as chief industrial officer in 2020. It is Andén’s second stint at the business, after a decade between 2006 and 2016.
All the contrivance in which thru this time he labored as head of poker, head of established markets and chief advertising officer for the operator’s core Unibet brand. Andén additionally labored as chief advertising officer for uncover about-to-uncover about forex change CurrencyFair, and as director of digital advertising for GVC Community (now Entain Community).
“I quiz very remarkable forward to working closely with our board of directors, the federal government management team and all workers to manufacture the goals of Kindred,” he commented.
“I surely own a stable perception in our organisation and the business models that own made this company so successful and am extra assured than ever in Kindred’s capacity.”
Tjärnström said he modified into as soon as “very tickled” the board had chosen Andén as his intervening time replacement. This would protest a soft handover, he added.
Carlsson described Andén as “naturally very educated about the operations of Kindred”.
“The board of directors deems that Nils is ideal to grab this role in these pivotal instances for Kindred.”
While Henrik Tjärnström oversaw significant development all over rather a lot of markets one day of his tenure, indicators urged shareholders were in favour of change at the halt.
Did a capacity sale impact CEO resignation?
Last year, iGB printed the operator’s board approached a resolution of operators similar to Entain, 888 and Tipico over a capacity acquisition, as successfully as non-public fairness giants Apollo Global and Blackstone.
This followed stress from activist shareholder Corvex Management to quiz at strategic conceivable picks for the business. Corvex secured a seat on the Kindred board remaining October, with partner James Gemmel named a non-government director.
There modified into as soon as no interest in pursuing the chance at the time, nonetheless. Kindred modified into as soon as perceived as failing to “update its business mannequin as markets take care of an eye on”, based mostly on a supply with information of the course of.
One other urged development in rising its location in within the community regulated markets modified into as soon as too unhurried. “Personally, it is because there had now not been a change in management,” they said.
In April this year, Kindred then confirmed a strategic review to assess alternate solutions for a sale, merger or divesting segment of the business modified into as soon as underway.
2022 struggles
This followed a now not easy 2022 for the business, in which it neglected its targets for the fourth quarter of the year. This contributed to a 15.2% year-on-year decline in paunchy year earnings to £1.07bn, with acquire earnings dropping 59.2% to £120.1m.
Within the wake of the neglected Q4 targets Henrik Tjärnström said “no merchandise modified into as soon as sacred” as he looked to prick charges and make a extra efficient business.
“We spend this very seriously, and the deviation that we quiz from our expectations and the market’s expectations; that’s why we’re taking actions now to toughen profitability within the immediate and medium time interval,” he said.
In newest years, Tjärnström oversaw initiatives similar to Kindred’s shift to a proprietary sports activities having a bet platform, ending its long-standing partnership with sportsbook technology specialist and outdated subsidiary Kambi. That settlement is thanks to stay in 2024.
The unique platform, developed from its racing tech stack, modified into as soon as authorized for originate in Sleek Jersey in April this year.