Patrik Hofbauer, the President and CEO of Svenska Spel, has announced his departure from the company, effective January 31, 2024.
After a five-year tenure, Hofbauer is set to take up the position of President and CEO at the Swedish telecommunications company, Telia, on February 1, 2024.
Erik Strand, Chairman of the board of Svenska Spel, stated: "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."
Reflecting on his time at Svenska Spel, Hofbauer said: "It is not an easy decision to change roles or leave a company that I value so deeply."
The board of Svenska Spel is now in the process of recruiting a new President and CEO to lead the company forward.
Hofbauer's departure comes in the wake of discussions about the potential divestment of Svenska Spel, with some politicians and stakeholders advocating for the state-owned operator to exit the competitive gaming market, citing concerns about credibility and regulation.
The company has also faced scrutiny for violating advertising laws.
However, during Hofbauer's tenure, Svenska Spel posted a 2% annual increase in revenue, totalling SEK 1.9 bn ($180m) in the first quarter of 2023.
The online business segment of Svenska Spel also increased by 8% during the same period.
Hofbauer's tenure witnessed collaborations, including a partnership with Playtech to enhance poker offerings for the Swedish market and an extension of the partnership with IGT to leverage lottery technology and services.
