Klarna, the Stockholm-based buy-now-pay-later outfit that’s barreling towards an IPO, isn’t finished shaking up its board.
In line with the FT, seven administrators simply agreed to oust investor Mikael Walther from Klarna’s eight-person board, almost eight years after he joined it. Walther is a confidante of Klarna co-founder Victor Jacobsson, who stays a serious shareholder and, reportedly, a nuisance to co-founder Sebastian Siemiatkowski, who has led the corporate as CEO for almost 20 years, whereas Jacobsson moved on in 2012.
It’s the second time Klarna’s board has modified in dramatic vogue this yr. Quickly after becoming a member of the board in January, Matt Miller, a Sequoia Capital investor, was mentioned to advocate for the elimination of famed VC Michael Moritz, who wrote Klarna’s first examine on Sequoia’s behalf in 2010, stays Klarna’s chair regardless of retiring from Sequoia final yr, and who Miller clashed with virtually instantly.
Roughly six weeks later – following a warfare waged within the press – Sequoia apologized, pulled again Miller, and put in a 3rd companion, Andrew Reed, who continues to signify the agency.