The board of directors at Swedish textile recycling company Renewcell has decided to remove CEO Patrik Lundström due to significantly lower-than-expected sales of the company’s Circulose pulp. They have appointed a new acting CEO to replace him.
Magnus Håkansson, who most recently served as the CEO of electronics retailer MediaMarkt Sweden, will now lead Renewcell. Håkansson began his career as a management consultant at McKinsey and has held various leadership positions in both the retail sector and the pulp industry.
Håkansson will serve as the interim CEO while the board conducts a search for a permanent replacement for Lundström, who has been the CEO since 2019. Recently, the company disclosed that it would fall short of its target to break even by the end of this year.
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