Kinnevik CEO Lorenzo Grabau ousted by board after 2.5 years as CEO

The Board of Directors of Kinnevik AB has ousted Lorenzo Grabau from the firm with immediate effect after a mere 2.5 years at the helm of the investment firm.

Lorenzo will be replaced by CFO Joakim Andersson in acting capacity as the firm starts a search process for Lorenzo’s successor.

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.

According to Chairman of the Board, Tom Boardman:”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.”

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.

Kinnevik has a 24 percent stake in Bayport financial services, 13 percent in Rwanda’s Babylon Health, 39 percent in Bima mobile health insurance, 13 percent in Rocket Internet, 34 percent in Konga. Millicom and Saltside Technologies.

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