Raketech Chairman Ulrik Bengtsson to Step Down in July
Raketech has announced that Ulrik Bengtsson will step down as Chairman later this year after accepting a full-time CEO position at another company. Bengtsson, who joined the board in 2021, will remain in his role until July 30 and will be available for re-election at the company’s annual general meeting (AGM) in May.
Bengtsson’s Decision to Leave
Bengtsson informed Raketech about his departure, citing the new CEO opportunity as a logical step in his career.
Although he is stepping away from his role, he expressed confidence in the company’s leadership and future direction.
“Stepping back into a full-time CEO role feels like the right professional move for me,” Bengtsson said.
“I am confident that the entire Raketech board and executive team remain dedicated to strengthening the balance sheet and shaping an exciting strategy that I expect will be unveiled to investors in the coming months.”
Search for a New Chairperson
Following Bengtsson’s announcement, Raketech’s nomination committee has started searching for a new board member. The incoming candidate may also assume the role of Non-Executive Chair.
The company aims to ensure a smooth transition, allowing the next chairperson to contribute effectively to Raketech’s strategic plans.
Financial Challenges and Strategic Adjustments
Raketech has struggled with financial setbacks in recent quarters. In Q2 2024, revenue dropped by 3.4% year-on-year to €17 million ($18.7 million).
This decline stemmed mainly from a Google algorithm update that negatively impacted the company’s Casumba assets.
Despite these challenges, Raketech revised its full-year guidance to reflect more realistic expectations. The company now projects an adjusted EBITDA between €17 million and €19 million, which is lower than its previous estimate of €20 million.
However, management remains focused on stabilizing operations and identifying growth opportunities.
US Business Divestment
As part of its restructuring efforts, Raketech completed the sale of its non-core US advisory business in July 2024. This move resulted in a €10.5 million impairment charge.
However, the company views this divestment as a step toward concentrating on its core European operations.
With both leadership changes and financial adjustments in motion, Raketech’s next steps will be crucial in shaping its long-term stability and market position.
Investors and industry analysts will be closely monitoring the company’s strategic direction in the months ahead.