Raketech has announced the departure of CEO Oskar Mühlbach, citing differences in strategic direction as the reason for his exit.
Mühlbach had been at the helm since December 2019, following a stint as the company’s Chief Operating Officer.
Prior to joining Raketech, he held leadership positions at Mr Green, where he served as COO and Chief Ventures Officer, as well as at Swedish shoe retailer Footway AB and Nordic online beauty store Eleven AB.
To fill the leadership vacuum left by Mühlbach’s departure, co-founder and Chief Commercial Officer Johan Svensson will take on the role of acting CEO.
He will continue in this capacity until a permanent CEO is appointed.
Ulrik Bengtsson, Chairman of Raketech, acknowledged Mühlbach’s contributions during his four-year tenure as CEO, commending him for leading the company through a strategic transformation and a period of growth.
Bengtsson expressed gratitude for Mühlbach’s leadership and emphasized the strong foundation that has been established under his guidance.
Svensson’s return to the CEO role was met with approval from the board, given his extensive experience within the company.
He previously served as CEO of Raketech until 2017 and has since been dedicated to his position as CCO, with a focus on mergers and acquisitions and business integrations.
Despite the leadership change, Raketech confirmed that its full-year guidance for 2023 remains unchanged.
In the third quarter, the company achieved record revenue for the third consecutive quarter, driven by a remarkable organic growth rate of 66%, resulting in €21.5 million in revenue.
EBITDA also experienced a 16.5% year-on-year increase, attributed to the success of the Japan-facing Casumba brand and growth within the network offering, particularly in the Nordics and Rest of the World.
The company reiterated its full-year guidance for 2023, anticipating EBITDA to fall within the range of €23 million to €25 million and net cash between €13 million and €15 million.
Revenue is expected to surpass previous estimates, landing between €65 million and €70 million.
Raketech remains committed to its growth trajectory and business objectives, signaling confidence in its ability to navigate leadership transitions and continue its upward trajectory.