Kambi Group CEO Kristian Nylén has informed the company’s board of directors of his wish to resign from his position this year.
Nylén, who helped to co-found the sportsbook platform company back in 2010, will step down later this year once a permanent successor has been identified.
During his tenure, the outbound CEO has scaled up the company whilst leading the supplier down its own path since diverging from the Unibet Group – later Kindred – and pursuing an IPO of its own.
Though stepping down from day-to-day executive duties, Nylen is not saying goodbye to the firm he has spent 14 years leading. Rather, he will take up a position on the board of directors, which is expected to be ratified at Kambi’s 2024 AGM.
Nylén said: “The decision to stand down from my position at Kambi after so many enjoyable years has been difficult, but one predominantly driven by my desire to spend more time with my young and growing family.
“As Co-Founder, my heart and professional allegiance remain firmly with Kambi, therefore, I am honoured to accept the Nomination Committee’s proposal to join the Board. Pending my election at the forthcoming AGM, I look forward to focusing more intensively on the strategic aspects of our business, however, my immediate attention remains on driving Kambi forward in my current role.”
Kindred spun-off its ownership of Kambi back in 2014, after which the platform technology group pursued its own IPO, listing on the First North Stockholm and issuing nearly 30 million shares.
The group then sought to establish itself as one of the leading sportsbook tech providers in the world and, after creating a strong position in European markets, looked towards the US for growth following the repeal of PASPA.
Kambi has previously counted operators such as DraftKings and Rush Street as key clients, though both have now migrated to in-house platforms.
A major development for Kambi in 2023 was securing a deal to provide Bally’s with its platform to power the re-launched Bally Bet sportsbook alongside White Hat Gaming.
Anders Ström, Chair of the Board and fellow Co-Founder of Kambi, commented: “Kristian’s role has been critical in positioning Kambi as a frontrunner in our sector. His strategic foresight and unwavering commitment have been central to our many achievements over the years. I am delighted the Nomination Committee has proposed Kristian for the Board, where his extensive industry knowledge will continue to greatly benefit Kambi.
“I am confident that Kristian’s insights and proficiency will persist in advancing the Company and creating value for our shareholders. His potential transition to a Board position reflects his enduring dedication to Kambi as both a founder and a major shareholder, while also ensuring a consistent and stable strategic course for the Company.”
Kambi confirmed that the process to identify a new CEO has begun but did not specify a time frame, though Nylen does intend to step down during 2024.
