Kambi Group plc co-founder and CEO Kristian Nylen informed the company’s board of directors of his intention to step down from his position later this year, the board announced Monday.

Nylen, who co-founded the sportsbook supplier with Anders Ström in 2010, intends to leave the position at some point in 2024 upon the appointment of a successor. A pioneer for in-game betting in the post-PASPA era, Kambi is widely viewed as one of the top business-to-business (B2B) sports betting suppliers in the industry.

Nylen cited a desire to spend more time with his family as the primary reason for his resignation. Kambi’s nomination committee also endorsed Nylén for election to the board at the 2024 Annual General Meeting (AGM) in May.

“The decision to stand down from my position at Kambi after so many enjoyable years has been difficult,” Nylen said in a statement. “As co-founder, my heart and professional allegiance remain firmly with Kambi, therefore, I am honored to accept the Nomination Committee’s proposal to join the Board.”

“Pending my election at the forthcoming AGM, I look forward to focusing more intensively on the strategic aspects of our business, however, my immediate attention remains on driving Kambi forward in my current role.”

With a reputation for expertise in sportsbook technology systems, Nylen guided a company that develops software and risk management services for more than 40 global clients. As artificial intelligence looms as a potential game-changer across the sports betting industry, Nylen has been bullish on the technology. During last November’s quarterly earnings call, Nylen gushed about Kambi’s new A.I. trading software, a platform the company began testing during the FIFA 2022 World Cup.

Since the World Cup, approximately 75% of Kambi’s pre-match soccer wagers were processed through the technology, he said, which covered about 300 million bets. The technology has enabled Kambi to offer a wider range of pricing along with revamped bet offers, Nylen added.

Nylen’s departure coincides with Kambi’s impending rollout of Tzeract, a new brand for the company’s A.I.-powered trading division. Kambi also intends to add in-play tennis and soccer to the A.I. trading division by the end of the first quarter.

— Kambi (@KambiSports) November 28, 2023

Over the past several years, Kambi has been stung by the termination of its supplier agreements with DraftKings and PENN Entertainment. Both companies reached agreements with Kambi to wind down their partnerships amid decisions to develop proprietary in-house technology.

Kambi still has partnerships with Bally’s Corp., Rush Street Interactive, and LeoVegas, among others. MGM Resorts completed the acquisition of LeoVegas, a Swedish mobile gaming operator, in 2022.

Kambi co-founder Ström, the chairman of its board, welcomed Nylen’s pending transition to the board.

“Kristian’s role has been critical in positioning Kambi as a frontrunner in our sector. His strategic foresight and unwavering commitment have been central to our many achievements over the years,” the chairman said in the statement. “I am confident that Kristian’s insights and proficiency will persist in advancing the Company and creating value for our shareholders.”

The search for a successor will begin immediately, Ström added. On Nasdaq Stockholm, Kambi closed at SEK 160.00 ($15.62), down 2% on the session.