Stockholm-listed iGaming affiliate Raketech has appointed Måns Svalborn as its new chief financial officer.

Svalborn will assume the role in November, taking over from incumbent CFO Andreas Kovacs who has been named director of business development.

Svalborn joins Raketech from Credorax Bank, where he served as CFO and a member of the Maltese bank’s executive management team, with responsibility for financial control and financial operations.

His previous roles include head of group regulatory financial reporting at Nordea, group finance manager at Öhman Group, and senior auditor at EY.

“I am very happy to welcome Måns Svalborn as our new CFO,” said Raketech CEO Michael Holmberg. “Måns is a highly skilled finance professional with relevant experience across reporting, accounting and audit which will be valuable in the continued development of our finance department.

“All in all, with Måns as new CFO and Andreas as director of business development, I am confident that we are in a great position to continue building long-term shareholder value.”

Svalborn will initially work alongside Kovacs until December to ensure a smooth transition into the CFO role.

Kovacs was brought in as CFO prior to the company’s IPO in Stockholm in June 2018. In his new role as director of business development, he will fully focus on the execution of Raketech’s growth strategy.

Commenting on his role change, Kovacs said: “As CFO, my assignment was to prepare the company for the IPO and since then I have gradually focused more on Raketech’s growth strategy and expansion work. This has become something of a passion, and I am happy to now be able to fully focus on this important task as director of business development.”

Holmberg added: “Andreas has played an instrumental role in professionalising our finance department and built the foundation for our public disclosure as a listed company, while at the same time optimising the capital structure and working hard with potential M&A cases.

“As we are increasing the focus on geographical expansion and other growth initiatives, Andreas identified the need for someone to give this area its full attention. Given his experience, we believe it is optimal to have Andreas entering this role.”

Shares in Raketech Group Holding plc (STO:RAKE) were trading up 1.1 per cent at SEK14.76 per share in Stockholm Thursday morning.