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Kambi’s board of directors has appointed co-founder Anders Ström as chairman of the board.

Ström will replace long-serving Kambi chair Lars Stugemo, who has stood down after nearly 10 years in the role.

Ström will take over immediately before being proposed as the new chair by the nomination committee at Kambi’s 2024 annual general meeting (AGM).

Stugemo will exit the board, but will continue to serve as a member of the nomination committee as nominated by Kambi’s largest shareholder, Veralda Investment, which is Ström’s investment fund.

Ström originally founded Swedish operator Kindred Group (Unibet) in 1997 and later co-founded sportsbook supplier Kambi alongside current CEO Kristian Nylén.

Ström has been a Kambi board member since its formation. Kambi has an agreement in place to power Kindred Group’s sports betting operation until at least 2026.

Ström said he was honoured to have been asked by the board to return as chair.

“I look forward to leading the board of a company which is showing real commercial momentum through recent partner signings and redefining what is possible in sports betting through significant technological breakthroughs including AI-powered trading,” he added.

“These achievements not only strengthen our position but also boost morale and drive within the company, paving the way for future successes and growth.”

As a current member of the nomination committee and board of directors, Ström did not participate in the deliberations or decision regarding his nomination or appointment.

Paying tribute to Stugemo, Ström said: “Lars has made many important contributions to Kambi’s development to becoming the world’s leading sportsbook provider and, as both a founder and shareholder, I am very grateful for the journey we have undertaken together and wish him all the best in his future endeavours.”

Stugemo declined to stand for re-election next year after 14 years with Kambi, including almost a decade as chair, during a journey he described as “remarkable”.

“It became clear that I should, if possible, promptly pass the leadership to someone else,” said Stugemo.

“In this case, both I and Kambi are fortunate that Kambi’s co-founder Anders Ström is also a member of the board and is ready to immediately take over as chair.

“It has been an immense privilege and joy to work closely and intensively with Kambi, alongside an inspiring entrepreneur like Anders,” he added.