Kambi Group CEO and Co-Founder Kristian Nylén has announced his resignation after leading the sportsbook company for around 14 years. The firm’s share price fell around 1.8% after confirmation of the news on Monday this week, to 160.80SEK ($15.70) at the time of writing.

Malta-headquartered Kambi confirmed the news in a press release Monday morning. It confirmed that Nylén will leave his current position as soon as the company can appoint a successor.

I am honoured to accept the Nomination Committee’s proposal to join the Board.”

Nylén, who cofounded Kambi in 2010 along with Anders Ström, will join the company Board after leaving his current role. In a comment, he said: “As co-founder, my heart and professional allegiance remain firmly with Kambi, therefore, I am honoured to accept the Nomination Committee’s proposal to join the Board.”

Meanwhile, in the same release Ström said his fellow co-founder has been “critical in positioning Kambi as a frontrunner in our sector.” He also commended Nylén’s “strategic foresight” and “unwavering commitment.” Ström confirmed the search for a new CEO will commence immediately.

Kambi has seen success in recent quarterly results. In Q3, the last reported quarter, the sportsbook platform company saw revenue of €42.1m ($46.1m), up 15% from 2022.