Swedish state-owned gambling company Svenska Spel announced that it will be parting ways with Patrik Hofbauer, who is set to explore new opportunities. Hofbauer, currently serving as the operator’s president and chief executive, believes that the gambling company is in a good position to continue without him.
The outgoing CEO joined Svenska Spel back in December 2018. He will officially depart from his position on January 31, 2024, to sit at the helm of Telia Company, a Swedish telecommunications juggernaut.
Svenska Spel noted that it’s already on the lookout for a suitable successor.
As CEO of Telia, Hofbauer will depart from the gambling sector he has served for five years. Prior to joining the state-owned operator, the outgoing CEO served as the CEO of the Norwegian majority state-owned multinational telecommunications company Telenor.
Before that, Hofbauer had stints as CEO of Telenor Broadcast and CEO of Clear Channel. An experienced individual, Hofbauer is also a member of several companies’ boards of directors. This lineup includes Clas Ohlson, NHST Media Group, Svenskt Näringsliv and Presto Holding.
The Decision to Leave Svenska Spel Was Difficult
Hofbauer commented on his new position, sharing that his time with Svenska Spel has been a “fantastic journey.” He said that the decision to depart did not come easily.
While melancholic about his departure, Hofbouer believes that Svenska Spel is in good hands and poised for further success. He praised the company’s robust corporate culture and values, saying that the operator will continue to deliver results.
Erik Strand, Svenska Spel’s chairman, also commented on the matter, praising Hofbouer for his hard work as CEO and the multiple changes he delivered. Thanks to the outgoing executive, the company now sports a modernized approach and a commitment to sustainable practices.
Strand also thanked Hofbouer for navigating the company through the reregulation of the Swedish gaming market in 2019 and setting a clear agenda for the company. The chair concluded that Hofbouer truly made a difference.
Svenska Spel is set to report its Q3 earnings later this month.
Hofbauer Is Excited about His New Position
Hofbauer also released a statement on his new position at Telia Company. He said that he is honored to have been appointed as the telecommunications giant’s next president and CEO and is looking forward to further developing the company.
While I have most recently been working outside telecoms, I have followed recent industry developments with great interest, and I am ready to continue executing on Telia’s strategy and move forward with its digital transformation program.
Patrik Hofbauer
Hofbauer will officially step into the office on February 1, 2024.