Kinnevik CEO Quits After Tripling Share Value in Industry Shift
Investment AB Kinnevik (KINVA) said Chief Executive Officer Mia Brunell Livfors will resign after more than seven years spearheading the family holding company’s shift to booming Internet-based assets.
Brunell Livfors, 48, who became CEO in August 2006, told the board she intends to step down, Stockholm-based Kinnevik said in a statement today. She will stay on until a successor has been named. Kinnevik, established in 1936 by three friends to focus on the farming, steel and iron industries, is controlled by the children of Swedish telecommunications and media investor Jan Stenbeck.
The CEO was “instrumental in the development of Kinnevik” in recent years, Chairman Cristina Stenbeck said in today’s statement. “She has laid the foundations for Kinnevik’s next phase of transformation.”
Brunell Livfors joined Kinnevik in 1992 and became chief financial officer of its broadcaster Modern Times Group AB (MTGB) in 2001 before becoming Kinnevik CEO. The company has since abandoned its industrial roots with a focus on digital services. Kinnevik shares have more than tripled in value during her tenure, giving it a market value of 73 billion kronor ($11.3 billion).
Last year, Kinnevik sold its stake in its oldest holding, packaging company BillerudKorsnaes, for 3.7 billion kronor. Its investments are now dominated by telecommunications firms Tele2 AB (TEL2B) and Millicom International Cellular SA (MIICF), media companies Modern Times Group and Metro International SA and online retailers Zalando AG, CDON Group AB (CDON) and Rocket Internet GmbH.
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