Klarna shakes up board ahead of IPO plans
- Seven directors of Klarna voted to remove Mikael Walther from the board, where he served for nearly eight years.
- This decision follows earlier conflicts involving board member Michael Moritz, leading to significant changes in the company's governance.
- These board shake-ups reflect Klarna's turbulent leadership dynamics as it approaches an IPO.
Klarna, a prominent buy-now-pay-later company based in Sweden, is undergoing significant changes within its board of directors as it approaches an initial public offering (IPO). Recently, seven board members voted to remove Mikael Walther, an investor who has been part of the board for nearly eight years. His removal is notable as he is closely associated with co-founder Victor Jacobsson, who has been a major shareholder but has reportedly created tensions with current CEO Sebastian Siemiatkowski. This shift marks the second major board change for Klarna this year. Earlier, Matt Miller from Sequoia Capital, who joined the board in January, pushed for the ousting of Michael Moritz, a long-time board member and chair. This internal conflict led to a public dispute, resulting in Sequoia retracting Miller and appointing Andrew Reed to represent the firm. These developments indicate a turbulent period for Klarna as it navigates leadership dynamics and prepares for its IPO, reflecting broader trends in the fintech industry where governance and investor relations are increasingly scrutinized.