Raketech’s board has agreed with Oskar Mühlbach that he stand down as CEO with immediate effect due to differing views on the strategic direction of the affiliate business.
Co-founder and ex-board member Johan Svensson will act as CEO until a permanent replacement is appointed.
Mühlbach’s departure comes on the back of the Malta-based business posting a third consecutive record revenue total in 3Q23 driven by strong growth from its network and Japanse Casumba brand and stable growth from conventional affiliate marketing.
Raketech chair Ulrik Bengtsson thanked Mühlbach for his “important role in the company's success over the past four years”, during which he "led the company through a strategic transformation and a growth journey”. He added that this had left the company with a strong foundation on which to build.
Full-year guidance for 2023 remains unchanged, stated the Nasdaq First North Premier-listed business, expected to close 2023 with EBITDA of €23-25m with net cash of €13-15m, and revenue in the range of €65-70m.