Investment firm Kinnevik is holding its annual general meeting in Stockholm on Tuesday. The past few years have been bleak for shareholders, EFN notes. Since the previous AGM on May 12 last year, the stock has delivered a total return of minus 35 percent.
It was at that meeting that Cristina Stenbeck once again took up the chairman's gavel at Kinnevik. Simultaneously, three new board members were elected: Henrik Lundin, Camilla Giesecke, and Rubin Ritter. The latter has served as acting CEO of the investment company since mid-March.
'The portfolio has shifted away from a concentration on profitable investments. Instead, we have moved toward growth companies, but these remain largely loss-making. While this can be positive, we need to rebuild a financial engine,' says Cristina Stenbeck in connection with the meeting.
Cristina Stenbeck's ambition is for Kinnevik to return to a period where returns outperform the index. She emphasizes that this requires strong leadership.
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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