The Raketech Group’s Board of Directors has disclosed the resignation of CEO Oskar Mühlbach from the Nasdaq OMX-listed iGaming media publisher. The decision stems from differing perspectives on the strategic direction of the company.
Johan Svensson, a former board member and co-founder, has taken on the role of Acting CEO and will continue in this position until a permanent CEO is appointed. Svensson, who was the CEO of Raketech Group until 2017, has been working in roles such as Chief Commercial Officer and has been involved in M&A and business integrations.
Under Mühlbach’s leadership, Raketech undertook an M&A initiative, broadening its media portfolio beyond European markets. Notable acquisitions include the North American assets of QM Media, ATS Tipsters, and the Japanese online casino portal Casumba.
In the latest trading results, Mühlbach highlighted the diverse revenue makeup of Raketech’s media portfolio. It generated $23.03 million (€21 million), with 44% from Affiliate Marketing, 52% from Sub-Affiliation, and 4.5% from Subscription Fees.
Regarding Mühlbach’s departure, Ulrik Bengtsson, Chairman of the Board of Raketech, stated: “During his four years as CEO, Oskar Mühlbach has led the company through a strategic transformation and a growth journey. As Mühlbach and the Board of Directors have different views on the strategic considerations for the company going forward, we have agreed to part companies.”
Raketech has assured investors that the full-year guidance for 2023 remains unchanged. Further updates on the appointment of a new permanent CEO will be provided in due course.