Lorenzo Grabau Quits Kinnevik ‘with Immediate Effect’

Lorenzo Grabau

The Board of Directors of Kinnevik AB has just announced the resignation of Lorenzo Grabau from the company.

Without giving reasons for his resignation, the company said Lorenzo will be “leaving Kinnevik with immediate effect”.

Joakim Andersson has been appointed acting CEO. A search process for Lorenzo’s successor now will be undertaken by the Board.

Chairman of Kinnevik commented on his departure that:

“Lorenzo Grabau has made a significant contribution to Kinnevik in leadership positions over the past 4 years, the last 2.5 years as CEO. He has built a strong team and successfully streamlined and consolidated our portfolio and assets. Kinnevik is now well-positioned to enter the next phase of its strategy of investing in and building leading digital consumer brands.”

However, Boardman said something different to Reuters. His remarks were rather disparaging of the former Goldman Sachs banker who spent less than three years in the company. See below:

Tom Boardman, chairman of Kinnevik’s board, told Reuters that Grabau lacked the skills needed to take Kinnevik further and that a change had been discussed for some time.

“We are going to compete in this very challenging space … against some of the world’s biggest companies such as Google and Amazon who are making investments,” he said, adding that the phase of consolidation, clean-up and major IPOs was over.

“We are now in a phase of building a powerful company, a leader in the digital field of mobile, health and financial services,” he added.

Kinnevik said Lorenzo will remain in his positions in the Boards of Directors of Millicom, Qliro Group, Tele2 and Zalando. Joakim Andersson has been appointed acting CEO. Joakim has been Chief Financial Officer since February 2015.

He joined Kinnevik in 2001 and has over the last 15 years held a number of positions in the finance organization including Group Treasurer from 2007.

Kinnevik owns serious stake in Konga, Global Fashion Group and other Internet and media startups across Europe.