Raketech, an affiliate group, has announced the immediate departure of Oskar Mühlbach from his position as CEO of the company. This decision was made due to differing views on the strategic direction of the group. Mühlbach had been serving as CEO since December 2019 and had previously held the role of chief operating officer.
Before joining Raketech, Mühlbach had worked at Mr Green as the COO and chief ventures officer. He also had experience with Swedish shoe store chain Footway AB and Nordic online beauty store eleven AB.
Following Mühlbach’s departure, co-founder and chief commercial officer Johan Svensson will assume the role of acting CEO until a new permanent CEO is appointed.
Ulrik Bengtsson, the chairman of Raketech, commended Mühlbach for his work during his four years as CEO, noting his leadership in the company’s strategic transformation and growth journey. However, due to differing strategic considerations, the decision was made for Mühlbach to depart from the company.
Bengtsson also expressed confidence in Svensson’s ability to lead the company as acting CEO. Svensson had previously served as the CEO of Raketech and had been a board member before stepping down in 2017 to focus on his role as CCO, where he was involved in M&A and business integrations.
Despite the change in leadership, Raketech has maintained its full-year guidance for 2023. In the third quarter, the company experienced a third consecutive quarter of record revenue, driven by high organic growth rates and development in its network offerings. The group expects to close 2023 with EBITDA in the range of €23m-€25m and net cash of €13m-€15m, outperforming previous revenue guidance.
Overall, Raketech remains optimistic about its financial outlook despite the departure of Mühlbach and the transition in leadership.