Patrik Hofbauer to Leave Svenska Spel for Telia Company
Date: 2023-10-13 Author: Dima Zakharov Categories: EVENTS, PEOPLE
Svenska Spel, the state-owned gambling operator of Sweden, has made headlines with the recent announcement of its President and Chief Executive, Patrik Hofbauer, departing the company early next year. Hofbauer, who has been at the helm of Svenska Spel for nearly five years, will assume the position of President and CEO at Telia Company, a prominent Swedish telecommunications firm, starting on February 1st.
This decision marks a significant transition for both Hofbauer and Svenska Spel, as the company begins its search for a suitable replacement. Hofbauer expressed his gratitude for leading Svenska Spel and praised the company's strong culture, values, and dedicated employees. Svenska Spel's Chairman, Erik Strand, commended Hofbauer's exceptional leadership during a period of substantial changes in the company.
Hofbauer's professional journey has been nothing short of impressive. Before joining Svenska Spel, he served as the CEO of the Norwegian telecom giant Telenor for four and a half years. He also held positions such as Senior Vice President and CEO of Telenor Broadcast, CEO of the Swedish division of Clear Channel, and had stints at Canal Digital Sverige and NEC Scandinavia.
Aside from his role at Svenska Spel, Hofbauer is involved in several board positions, including Chairman of Presto Holding and board membership in Clas Ohlson, NHST Media Group, and Svenskt Näringsliv.
Hofbauer's departure is significant as Svenska Spel prepares to release its Q3 results later this month. Under his leadership, the company shifted its focus to online activities, evident in its recent financial results. Net gaming revenue for the first half of 2023 increased year-on-year to SEK 1.97 billion, even as online competition impacted Casino Cosmopol and slot machine segments, leading to a SEK 29 million decrease in revenue. Notably, online revenue witnessed a 9% growth compared to the previous year's quarter, now constituting 52% of Svenska Spel's total revenue. This shift has transformed Svenska Spel into a modern and sustainable gaming company under Hofbauer's guidance.
