The Nomination Committee of Kjell Group is expanding the board proposal ahead of the Annual General Meeting on May 20, 2026. The new name is Pål Wibe, who is proposed to be elected as a new board member.
Pål Wibe has over 25 years of experience from leading positions in the Nordic retail industry, including more than 18 years as CEO of companies such as Europris, XXL and Nille. The Nomination Committee highlights his knowledge of the Norwegian market as well as his experience in digitalization, strategy and change work as valuable additions. He is considered independent in relation to the company, its management and the major shareholders.
New Chairman and Filled Treasury
If the meeting follows the Nomination Committee's line, Kjell Group's board will consist of six members. As previously communicated, Rustas former CEO, Göran Westerberg, is proposed as the new chairman. Adeline Sterner, David Zaudy, Ebba Ljungerud and Ola Burmark are proposed for re-election. Current Chairman Jan Friedman has declined re-election.
The board changes are taking place during a period of transformation for the gadget chain. Earlier this year, the company completed new issues which added more than SEK 200 million before expenses. The intended chairman Göran Westerberg himself invested SEK 60 million in a directed issue and stated that he sees great potential to grow the company profitably.
Transformation After Weak Quarter
The new capital and the partially new board are central parts of the company's plan to reverse a negative trend. Kjell Group's market capitalization has decreased significantly in recent years, and the fourth quarter of 2025 showed a decrease in sales of ten percent. CEO Sandra Gadd explained in connection with the financial statements that the short-term decline is due, among other things, to ongoing work to clear out the range and restructure warehouse operations.
The major shareholders have also been clear about the need for a fresh start. In connection with the capital injection, David Zaudy, partner at largest owner Cervantes Capital, commented on the situation:
While we see great opportunities ahead, we want to express our disappointment with a long-term weak operational development in Kjell Group. It is clear that the company has been underinvested for a long period of time, and now we are taking strong measures together with old and new owners, management and the board to turn the trend around.