Kristian Nylén co-founded Kambi in 2010 with Anders Strom and has successfully built the company into a leading supplier of sportsbooks in the industry.
Nylén’s decision to resign from his position is driven by his desire to spend more quality time with his growing family.
He plans to step down from his current position once a successor is appointed.
Despite the news of Nylén’s resignation, the market has not reacted significantly as of now, with Kambi’s share price down 1.83% at SEK160.50 (€14.79/ £12.29/ $15.69).
Nylén’s decision to resign comes after a period of sustained growth for Kambi, which aims to continue building on the success of its Q3 earnings where revenue increased by 15.0% to €42.1m (£36.3m/$46.1m).
During the same period, Kambi’s EBITDA increased by 3% to €13.9m with an uplifted margin of 11.0%.
Net profit also saw a significant increase of 34.6% to €3.5m.
Nylén had expressed confidence in Kambi’s progress during Q3 and believed it was on track to achieve its long-term financial targets.
Kambi’s financial targets for 2027 include revenue of 2-3 times the FY2022 levels, which amounts to approximately €330m to €500m, and an EBIT exceeding €150m.
Nylén had previously mentioned that Kambi’s new focus on selling modular services rather than an entire sportsbook would play a major role in its growth.
Furthermore, Nylén has been nominated for election to the board, with a vote to take place at the 2024 annual general meeting in May.
If approved, Nylén will serve on the board until at least the 2025 AGM.
Kambi has recently undergone various changes, including the appointment of co-founder Anders Ström as the chair in November 2023, replacing Lars Stugemo who stepped down after nearly a decade in the role.
The board acknowledged Nylén’s vital contributions to Kambi and expressed gratitude for his strategic foresight and commitment.
In addition to Nylén, Benjie Cherniak has also been nominated for a board position.
Cherniak, an independent investor and advisor in the iGaming industry, previously served as managing director of Scientific Games and principal and managing director of Don Best Sports.
