Klarna, the popular buy-now-pay-later company based in Stockholm, is making headlines once again with changes to its board. The Financial Times reported that seven directors have decided to remove investor Mikael Walther from Klarna’s board, a move that comes after nearly eight years since he joined. Walther is known to be a close associate of Klarna’s co-founder Victor Jacobsson, who still holds a significant stake in the company. Interestingly, Jacobsson’s relationship with fellow co-founder Sebastian Siemiatkowski, who has been the CEO for almost two decades, has reportedly been strained, leading to these recent board changes.
This isn’t the first time Klarna’s board has seen significant shifts this year. At the beginning of the year, Matt Miller from Sequoia Capital joined the board and quickly clashed with Michael Moritz, a well-known venture capitalist who was instrumental in Klarna’s early days. Despite Moritz stepping down from Sequoia, he still serves as Klarna’s chair. After a public dispute between Miller and Moritz, Sequoia made amends by removing Miller and appointing another partner, Andrew Reed, to the board to represent the firm’s interests.
These changes in Klarna’s board composition reflect the ongoing power struggles and disagreements within the company’s leadership. As Klarna prepares for its upcoming IPO, the dynamics between key stakeholders, investors, and founders are coming to the forefront. The departure of Mikael Walther and the earlier conflicts involving Matt Miller and Michael Moritz indicate the complexities of managing a rapidly growing fintech company like Klarna.
Investors and industry watchers will be closely monitoring how these board changes will impact Klarna’s future direction and strategic decisions. With the IPO on the horizon, stability and unity in the boardroom will be crucial for Klarna to navigate the challenges of going public and sustaining its growth momentum. As the saga of Klarna’s boardroom drama continues, one thing is certain – the spotlight will remain on the company as it navigates this critical juncture in its corporate journey.
