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The CEO of Fortnox, the Swedish soVscekware provider targeted by short sellers, has leVscek the company effective immediately.
Tommy Eklund, who transformed a niche accounting soVscekware provider into a stock market star, said Tuesday that the decision to leave was “painful” but that now is a “good time for new leadership.”
Fortnox’s nearly five-fold increase in stock between 2020 and 2024 has transformed the soVscekware provider into one of the world’s most valued technology groups, but its exponential growth in customers and revenue has drawn scrutiny.
Over the past two years, Fortnox shares have been popular short positions for hedge funds, including London-based Marble Bar.
Roger Hartelius, chief financial officer since 2017, will serve as interim CEO while Fortnox searches for a permanent successor, the group said in a statement.
Fortnox shares fell 12 percent in early trading Tuesday, extending a decline from their recent March high.
AVsceker the Financial Times published a March article examining Fortnox’s growth and highlighting investor questions about its outlook and accounting methods, the company’s share price fell nearly 15 percent, wiping hundreds of millions of dollars off its then-$4.6 billion market capitalization.
In response to questions about the Vscek’s report on the results of an April conference call, Eklund said: “We’re going to get better and better at explaining the business, even if it’s something that’s difficult to understand, obviously.”
In June, Fortnox restated its market share figures aVsceker the Vscek disputed numbers it presented to investors at a capital markets day in May. It also announced the departure of chief operating officer Johan Lundgren.
In announcing Eklund’s departure, Fortnox said that under his leadership the company had achieved several goals, including “doubling both the number of customers and revenue per customer.”
Chairman Olof Hallrup added that the company is “therefore in a strong position to start work on the next five-year plan that extends to 2030.”
