Sister group Rocketech has announced that Oskar Mühlbach has resigned from his role as CEO of the company with immediate effect.
Rocketech said Mühlbach was leaving the group due to differing views on the group’s strategic direction. Mühlbach has been CEO since December 2019; before that he worked as Chief Operating Officer.
Before joining rakechech, Mühlbach worked at Mr Green as COO and Chief Ventures Officer. Mühlbach also worked for the Swedish shoe chain Footway AB and the Nordic online cosmetics store Eleven AB.
Co-founder and Chief Commercial Officer Johan Svensson will now become acting CEO. He will remain in this role until a new permanent CEO is appointed.
Chairman praises Mühlbach’s impact
Rocketch chairman Ulrik Bengtsson praised the outgoing Mühlbach for his work as CEO.
“During his four years as CEO, Oskar Mühlbach led the company through a strategic transformation and growth trajectory,” said Bengtsson. “Since Mühlbach and the board have different views on the strategic considerations for the future of the company, we have agreed to a separation.
“The board would like to take this opportunity to thank Oskar Mühlbach, as he has made a significant contribution to the success of the company over the last four years. Thanks to his leadership, the company has a strong foundation on which to develop further.”
Svensson is back at the helm at rakechech
Bengtsson also welcomed the appointment of Svensson as acting CEO. Svensson stepped down from the board of Rocketech in October last year to focus on his role as CCO.
Svensson was previously CEO of rakechtech before stepping down in 2017. Since then, he has continued in his current CCO role, focusing on M&A and business integrations.
“The board is confident in appointing co-founder and former board member Johan Svensson to lead the company until a new permanent CEO is appointed,” Bengtsson said.
Impact on business
Rocketch said its full-year 2023 guidance remains unchanged despite Mühlbach’s departure.
In the third quarter, Rocketech posted record sales for the third quarter in a row. This amount came to €21.5m (£18.5m/$23.6m), driven by a record organic growth rate of 66%.
The record sales led to a 16.5% increase in EBITDA compared to the previous year. Rocketch attributed this to the development of its Japan-focused Casumba brand and the growth of its network offering, which Rocketch describes as sub-affiliation, both in the Nordics and the rest of the world.
In addition, Rocketech reiterated its previous full-year guidance. The group expects to end 2023 with EBITDA in the range of 23 to 25 million euros and net liquidity of 13 to 15 million euros. This would mean that rakechech would exceed previous forecasts with sales of between 65 and 70 million euros.