Cristina Stenbeck commented: "After dialogue with the company's largest shareholders and careful consideration of what is needed, I have made the decision to accept their nomination to return to the Kinnevik Board. It will be important to strengthen Kinnevik's role as a relevant investment firm as it looks to support leading growth businesses. After previously serving on the Kinnevik Board for 16 years I am familiar with the challenges that come with this endeavour, but also the opportunities that a permanent capital base and well articulated strategy provide in investing. I look forward to working with the Board and the broader team to re-underwrite the strategy, help to strengthen the portfolio and ultimately deliver long-term returns to our shareholder base."

The Nomination Committee's proposal is that Cristina Stenbeck will Chair a Board comprising the new Board members Camilla Giesecke, Henrik Lundin and Rubin Ritter together with current Board members Jan Berntsson, Claes Glassell and Maria Redin.

Cristina Stenbeck has been an active investor in both public and private companies for 20 years. She first joined the Kinnevik Board in 2003, where she continued to serve for 16 years, including as Chair from 2007 to 2016. Cristina has been a member of the Board of several listed portfolio companies within the Kinnevik Group and more recently as an independent director. She was Chair of Zalando from 2014 to 2016 before returning to the Board as Chair from 2019 to 2023 and Director of Spotify from 2017 to 2023.

Camilla Giesecke has played a pivotal role in scaling Klarna, one of Europe's most successful growth companies. Since joining in 2017, she has held several senior positions, including Chief Financial Officer and Chief Expansion Officer, before becoming Chief Operating Officer in 2022. Camilla began her career as an M&A analyst at J.P. Morgan Chase & Co. in London. Between 2006 and 2013, she worked at Investor AB as an investment professional, where she held various leadership roles at its portfolio companies, such as Permobil AB and Saab AB. In addition to her executive role at Klarna, she has served on the boards of BHG Group, and YCONS, and currently chairs Estrid.

Henrik Lundin is an experienced investment leader who serves as Chief Executive Officer and Chief Investment Officer of the IMAS Foundation which financially supports the INGKA Foundation and, ultimately, the IKEA Foundation. Since Henrik joined IMAS in 2014, the portfolio has grown to €15bn, with investments in listed and non-listed assets, including venture, growth and buy-out equity strategies. He started his career as a financial journalist before joining Nordea Wealth Management in 2001 where he served for 14 years, becoming its Chief Investment Strategist in 2005. He serves on the Board of Lysa Fonder, a Swedish fintech.

Rubin Ritter led Zalando for eleven years as its Co-CEO scaling the company from an early-stage private company to become Europe's leading fashion platform. Rubin started his career at McKinsey & Company where he was Senior Associate between 2007 and 2010.

The Chair of the Nomination Committee, Lawrence Burns, commented: "The Nomination Committee is delighted that Cristina Stenbeck has accepted the nomination to rejoin the Board as its Chair. We have been fortunate over the last year on the Nomination Committee to witness her incredible commitment to the company, her determination to ensure its advancement and the impressive network she is able to draw upon to enable Kinnevik's future success. In this endeavour, she is joined by Henrik Lundin, a leading investment professional. As well as Camilla Giesecke and Rubin Ritter, business operators who have helped scale two of the most successful European growth companies of this generation: Klarna and Zalando. The latter notably one of Kinnevik's most successful ever investments."

The Nomination Committee's complete proposals are presented in the notice convening Kinnevik's Annual General Meeting to be held on 12 May 2025. The Nomination Committee ahead of the 2025 Annual General Meeting comprises Lawrence Burns, Erik Brändström, Marie Klingspor, Cristina Stenbeck and the Chair of the Board James Anderson.

Five Kinnevik Board members will not stand for re-election

James Anderson, Susanna Campbell, Harald Mix, Cecilia Qvist and Hans Ploos van Amstel have decided not to stand for re-election to the Board at the 2025 Annual General Meeting. 

Lawrence Burns commented: "James Anderson has brought profound investment knowledge, a growth mindset and leadership during a challenging period. His contribution to the investment process has been significant and the benefits of his wisdom and approach will be felt in the portfolio for many years to come. He has contributed to a strong foundation for the new Board to further build on."

Lawrence Burns continued: "Susanna Campbell has brought meaningful insights into scaling European businesses and venture investments. Her operational rigour, cross-industry perspective and sustainability focus have been invaluable over the last six years, while completing the full cycle of Kinnevik's transformation. Her experience of listed companies and work on the Board's committees has been particularly beneficial. She has assisted the Board in ensuring this evolution enables Kinnevik to compete at a global level, whilst retaining the strengths of its Swedish heritage. Harald Mix has brought to the Board deep investment knowledge, unparalleled experience in climate tech, and an ambitious entrepreneurial mindset. His contribution has enhanced Kinnevik's investment process, the benefits of which are likely to be felt for years to come. His role in founding climate tech companies is admirable and his strategic insights and guidance have been valuable in reshaping the portfolio. We are sincerely grateful for his contribution and hope that he will continue to be an important and trusted partner to Kinnevik enabling future long-term value creation."

Lawrence Burns continued: "Cecilia Qvist has made an important contribution and we are grateful for her dedication to Kinnevik over the past five years. Her expertise in scaling global digital platforms, operator perspective and navigating consumer industries have been significant contributions to Kinnevik's evolution, in addition to her impact on the Audit & Sustainability Committee. Hans Ploos van Amstel has provided helpful input during a time of transition through his work on the Audit & Sustainability Committee and People & Remuneration Committee. We would like to express our gratitude to Hans for his valuable contribution during his term of office."