Fortnox CEO steps down, shares plunge

Investing.com -- Shares of Fortnox AB (ST:FNOX) dropped on Tuesday after the company announced that its CEO, Tommy Eklund, is stepping down from his position, effective immediately. 

Fortnox dropped 11% to SEK 56.94 at 5:14 AM (0914 GMT).

Tommy Eklund has been at the helm of Fortnox for nearly five years, during which time the company has seen substantial growth. Under his leadership, Fortnox's annual revenue increased from approximately half a billion SEK to around two billion SEK. 

Fortnox's board has appointed Roger Hartelius, the current Deputy CEO and CFO, as acting CEO.

Under Eklund, the workforce expanded from around 300 employees to nearly 900 across four locations. Eklund played a key role in developing and executing the company's five-year plan, which was introduced in 2020. 

This plan included goals such as doubling the number of customers and increasing revenue per customer. Under his leadership, Fortnox made significant progress toward these objectives, positioning the company for continued growth as it approaches 2025.

“This is a good time for new leadership, with new energy, as the planning of the goals for 2020 begins and the next chapter in the Fortnox books is written,” Eklund said in his statement. 

“During a transition period, I will be available to the board and management in order to ensure and contribute to a good transition with continued commitment,” he added.