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Roula Khalaf, Editor of the FT, selects her favorite tales on this weekly publication.
The chief government of Fortnox, the Swedish software program supplier focused by quick sellers, has left the corporate with fast impact.
Tommy Eklund, who remodeled a distinct segment provider of accounting software program right into a inventory market sensation, mentioned on Tuesday that the choice to depart was a “heavy-hearted” one however now was a “good time for brand new management”.
The virtually fivefold surge in Fortnox shares between 2020 and 2024 turned the software program provider into one of many world’s most highly-valued tech teams, however its metronomic buyer and income progress drew scrutiny.
Over the previous couple of years, Fortnox inventory was a preferred quick for hedge funds, together with London-based Marble Bar.
Roger Hartelius, chief monetary officer since 2017, might be interim chief government whereas Fortnox seeks a everlasting successor, the group mentioned in a press release.
Shares in Fortnox tumbled 12 per cent in early buying and selling on Tuesday, extending a decline from a current excessive in March.
After a Monetary Occasions article in March that examined Fortnox’s progress and highlighting investor questions on its prospects and accounting strategies, the corporate’s share value fell nearly 15 per cent, wiping tons of of thousands and thousands of {dollars} off its then-$4.6bn market capitalisation.
In response to questions concerning the FT report on a outcomes name in April, Eklund mentioned “we are going to turn into higher and higher at explaining the enterprise, if it’s one thing that’s onerous to grasp, after all”.
In June, Fortnox restated figures for its market share after the FT challenged numbers it introduced to buyers at a capital markets day in Could. It additionally introduced the departure of chief working officer Johan Lundgren.
Asserting Eklund’s departure, Fortnox mentioned that below his management the corporate had met a number of targets, together with “doubling each the variety of clients and turnover per buyer”.
Chair Olof Hallrup added that the corporate was “subsequently in a powerful place to begin work on the subsequent five-year plan that extends to 2030”.
