The Modern Times Group (MTG) CEO and president Jørgen Madsen Lindemann has handed in his resignation after 26 years with the company.
The company board has accepted his decision, though is reluctant to do so. Lindemann cited possible new challenges as the reason for his decision. It also gives the company the chance to prepare its long-term CEO succession plan.
Through the help of international search firms, MTG's board of directors will create a list of internal and external candidates for the CEO position. Those that make the cut will then be measured against the skill set deemed necessary to run the company. However, with a 12-month notice clause, Lindemann will continue in his role until a successor is chosen.
Times are changing
Not only is Lindemann set to leave the firm, but so is MTG's board chairman David Chance, as he has confirmed he will not stand for re-election in May 2021. Chance has committed 20 years to the company.
Earlier this year, the Swedish firm's esports division took a hit as a result of the ongoing coronavirus outbreak. However, on its gaming front, the company has continued to perform well.