Kambi CEO Kristian Nylén Announces Resignation

In a surprising turn of events, Kristian Nylén, the CEO and co-founder of Kambi, has announced his resignation from his current position. This decision comes after a successful journey of building Kambi into one of the industry's top sportsbook suppliers. Nylén, who co-founded Kambi in 2010 alongside Anders Strom, cited his desire to spend more time with his family as the primary reason behind his resignation.

The timing of Nylén's resignation is significant. Kambi has experienced consistent growth, with an impressive 15.0% increase in revenue during Q3, reaching €42.1 million. This growth is remarkable, especially considering the recent split with Penn Entertainment. EBITDA also saw a 3% increase to €13.9 million, and net profit rose by 34.6% to €3.5 million during this period.

Despite Nylén's departure, Kambi remains confident about its future prospects. The company expects to tap into a global addressable market of approximately €50 billion GGR by 2027. Their financial targets for 2027 include revenue of 2-3 times the 2022 levels (€330 million to €500 million) and an EBIT exceeding €150 million. Kambi's focus on providing modular services, rather than an entire sportsbook, is seen as a key strategy for future growth.

Kristian Nylén is not completely parting ways with Kambi. He has been proposed for election to the board, and this decision will be put to a vote at the upcoming 2024 annual general meeting (AGM). If approved, Nylén will serve on the board until at least the 2025 AGM, allowing him to contribute to Kambi's strategic direction.

Nylén's resignation follows a series of changes at Kambi, including the appointment of co-founder Anders Ström as the new chair in November 2023. This move came after Lars Stugemo's decision to step down from his role as chair. Ström's appointment will be formally proposed at the AGM, ensuring continuity and stability for the company.

Anders Ström, the chair of the board, praised Nylén's invaluable contributions to Kambi, highlighting his strategic foresight and commitment. Ström expressed his delight at Nylén's proposed board position, emphasizing the significant industry knowledge he brings to the table.

In addition to Nylén's potential board position, Benjie Cherniak has been nominated to join the Kambi board. Cherniak, an independent investor and igaming advisor, brings a wealth of experience, having served as the managing director of Scientific Games and Don Best Sports. Like Nylén, Cherniak's nomination will be subject to approval at the AGM.

The news of Kristian Nylén's resignation has sparked curiosity about Kambi's future direction. As the company looks to continue its growth trajectory, all eyes are now on the forthcoming AGM and the selection of a new CEO to lead the way.