Silfverberg quits Betsson after record quarter

Silfverberg quits Betsson after record quarter

Tuesday, June 2, 2015
Magnus Silfverberg was CEO for four years

Magnus Silfverberg has quit as Betsson chief executive just months after helping the Swedish company post its best ever financial quarter.

Silfverberg’s departure means a return to the hot-seat for Pontus Lindwall, who held the position from 2002-11, and switches from his role as chairman to chief executive and president on July 20.

At present it is thought Lindwall will only carry out chief executive duties until a permanent replacement for Silfverberg is found, with Lars Linder-Aronson serving as Betsson chairman until further notice.

Betsson moved to the Nasdaq Stockholm Large Cap at the start of this year, and after a successful four years in charge, Lindwall paid tribute to the departing Silfverberg.

“Magnus has truly contributed to Betsson's success and its strong current market position, and we would like to thank Magnus for his achievements, while we also wish him the best of luck in his future career," Lindwall said.

“The Betsson Group has today a strong customer focus and a clear strategy which we intend to continue working after.”

It has been a good start to 2015 for Betsson, which posted its best ever quarterly revenue figure in Q1 and was awarded a UK licence in March.

In the first quarter, from the start of January through to the end of March, revenue increased by 24 per cent to SEK847.4m (€90.2m/$99.4m), while operating income amounted to SEK238.0m, meaning a year-on-year increase of 39 per cent.

Silfverberg, who joined Betsson in 2009, will depart in July to become chief executive of Bisnode, a data support operator.

He said: “I have had six fantastic years at Betsson. The company has during this period more than tripled in size and quadrupled its market value.

“I am proud of the journey we have made, and it has not been an easy decision to leave Betsson. However, I am leaving a company in top shape with a very strong culture, and I have great confidence that Betsson will continue to develop well in the future.”
 

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