Investment company Kinnevik's CEO Georgi Ganev is leaving with immediate effect and will be replaced by board member Rubin Ritter on a temporary basis, according to a press release.
It was initially intended that Ganev would remain in the CEO position until November while Kinnevik searched for a permanent successor. However, he is now leaving ahead of schedule instead.
Ritter, who steps in as acting CEO of Kinnevik, previously served as co-CEO of fashion giant Zalando, which was one of the investment company's most successful holdings. The Zalando stake was later distributed to Kinnevik's shareholders in 2021. Ritter was elected to Kinnevik's board in May last year.
"I am pleased that Rubin is taking on this temporary role while we finalize the selection process for the permanent position. Rubin knows the company well and understands the importance of a performance-oriented culture with active and responsible ownership," says Christina Stenbeck, Chairman of Kinnevik.
She also writes: "I am convinced that Rubin will provide the leadership and execution required to ensure that we both create value from our portfolio and optimize our own organizational structure and working methods."
Dagens industri writes in a commentary that the choice of Ritter, over any operational employee within Kinnevik, "must be read as a total condemnation of Kinnevik and its employees," adding that the company is in its deepest crisis since Jan Stenbeck passed away in 2002.
Kinnevik AB is a Sweden-based investment company focused on building digital consumer businesses. The Company's operations are divided into four segments, namely: E-commerce and Marketplaces, Communication, Entertainment and Financial Services. The E-commerce and Marketplaces segment is represented by such investments, as Zalando, Global Fashion Group, Qliro Group, Home24, Lazada, Linio, Konga and Rocket Internet, among others. The Communication segment is represented by such investments, as Tele2 and MiIlicom. The Entertainment segment is represented by MTG and Metro investments. The Financial services segment is represented by Bayport, Betterment, Bima investments. The Company operates globally in more than 80 counties.
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