Paradox Interactive to Strengthen Team with New CEO
Fredrik Wester assumes full-time role of Executive Chairman of the Board
Paradox Interactive AB today announced that it will elect Ebba Ljungerud as new CEO for the company starting in August 2018. Ebba has been a member of the Board of Paradox Interactive for 4 years and is the current Chief Commercial Officer at Kindred Group. Starting in August, current CEO Fredrik Wester will assume a new role as Executive Chairman of the Board and will continue to work full-time with Paradox. The Current Chairman of the Board, Håkan Sjunnesson, will assume the post as deputy Chairman upon Wester’s new appointment.
Ebba Ljungerud has been involved in the expansive phases of several companies and has a proven background in leading companies with international operations and high complexity. She has also been responsible for guiding a number of different business areas with large personnel teams to profitability, and has also built several strong management teams. Ebba currently works as Chief Commercial Officer at Kindred Group in London (formerly Unibet Group).
These new appointments are made to better capitalize on Paradox’s growth opportunities while also significantly strengthening the support given to existing operations. The decision to appoint Fredrik Wester as Chairman of the Board will formally be made during the Annual General Meeting in May. However, all major shareholders are in agreement of the proposed changes.
“One of the main reasons we have gotten to where we are today is that we have built on what we do best, while we’ve had the courage to challenge ourselves and have not been afraid to make the changes needed to take the company to the next level,” said Fredrik Wester. “An important step in doing so is to have the right people in the right positions. Ebba has a good understanding of Paradox and our culture, along with extensive experience and the competence we need now and, perhaps most importantly, a strong will and ambition to continue developing the company. She has our fullest confidence after our years together in the board and I am convinced that she will strengthen our team here at Paradox tremendously.”
Wester continued, “Ebba will be responsible for all of our existing operations in her role as CEO, while I will be focusing on better capitalizing on Paradox’s growth opportunities. This is something I have focused heavily on during my years at Paradox but I’ve had very limited time for it over the past two years. Growth opportunities under my guidance will include mergers & acquisitions, new opportunities and business development, but I will also be supporting the organisation if needed.”
“My four years in the Paradox Board have been very similar to the development of the company over the same period,” said Ebba Ljungerud “The pace has been fast, it’s been challenging, and at times has required fast changes but above all else it has been incredibly fun. Paradox is an amazing company and I have had the privilege to work not only with Fredrik and the rest of board but also with the management team and key people in the organisation. This, combined with my experiences of leading and developing fast-growing companies, makes me eager to continue bringing Paradox forth on our planned journey. I’m very excited to continue creating results together with the people in the organisation, working with all of our stellar products, and getting to know our community better.”
For additional information, please contact:
Fredrik Wester, CEO Paradox Interactive
Andras Vajlok, CFO Paradox Interactive
Email: ir@paradoxplaza.com
Phone: +4670-355 54 89
This information is information that Paradox Interactive AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication on February 13, 2018.
About Paradox Interactive
The Paradox Interactive group includes publishing and internal development of games and licensing of White Wolf’s brands. The publishing operation publishes both internally developed titles and titles developed by independent studios as well as music and books. The game portfolio includes more than 100 titles and Paradox Interactive owns the most important brands, including Stellaris, Europa Universalis, Hearts of Iron, Crusader Kings, Cities: Skylines, Magicka and Age of Wonders. From the start over ten years ago, the company has published its games all over the world, initially through physical distribution using partners, but beginning in 2006 has primarily distributed digitally using its own publishing arm. The development platform is primarily PC, but the company has released games on console and mobile platforms as well. The largest markets today include the US, UK, Germany, France, Russia and Scandinavia. Today, over 2 million gamers play a Paradox game each month and the number of Paradox registered users exceeds seven million.
Paradox Interactive AB (publ)’s shares are listed on Nasdaq Stockholm First North Premier under ticker PDX. FNCA Sweden AB is the company’s Certified Adviser. For more information, please visit www.paradoxinteractive.com.
