Svenska Spel President abd CEO Patrik Hofbauer to departs company in early 2024

Swedish gambling operator Svenska Spel has announced that its President and CEO, Patrik Hofbauer, is set to leave his position next year. 

Hofbauer, who has led the company for nearly five years, will be stepping down on January 31, 2024, to take on the role of President and CEO at Swedish telecommunications company Telia Company. He will assume his new post on February 1, 2024.

The departure of Hofbauer has initiated a search for a suitable successor within Svenska Spel. The chairman of Svenska Spel, Erik Strand, expressed his gratitude for Hofbauer's contributions to the company.

Strand stated: "Through his solid knowledge, great commitment, and brilliant leadership qualities, Patrik Hofbauer has successfully led Svenska Spel for some time through major changes for the company. Svenska Spel is today a modern company that delivers sustainable gaming experiences.

"Patrik’s personal leadership has navigated Svenska Spel through the reregulation of the gaming market in 2019, and he, together with the board and his team, has set a clear future agenda and strategy. Patrik is a person and company leader who makes a real difference. On behalf of the board, I’d like to extend a warm and big thank you for his valuable contribution," commented Strand.

Before his tenure at Svenska Spel, Patrik Hofbauer was the CEO of the Norwegian telecommunications company Telenor for over four years. He also served as the CEO of Telenor Broadcast and held the position of CEO at the Swedish division of the advertising firm Clear Channel.

In addition to his role at Svenska Spel, Hofbauer is associated with several boards, serving as the president of Presto Holding, and on the boards of Clas Ohlson, NHST Media Group, and Svenskt Näringsliv.

During his time as CEO, Hofbauer redirected Svenska Spel's focus towards online gambling. In the first half of 2023, net gaming revenue increased year-on-year to $0.18 billion (SEK 1.97 billion), despite heightened competition. Online revenue surged by 9% compared to the previous year, constituting 52% of the company's total revenue.

In his departure statement, Hofbauer reflected on his time at Svenska Spel: "In recent years, I have had the privilege of leading Svenska Spel. It has been a fantastic journey together with our customers, partners, and, not least, employees.

“It is not an easy decision to change roles or leave a company that I value so deeply. With a strong culture, a clear values compass, and enormously committed employees and leaders, Svenska Spel is in a position to continue delivering value for our customers, Sweden, and the Swedish sports movement." 

Svenska Spel is scheduled to report its Q3 results later this month.