STOCKHOLM – Following investment company Kinnevik’s decision to distribute all its shares in digital entertainment company Modern Times Group (MTG) to its shareholders, Joakim Andersson has resigned from the MTG Board of Directors.

Joakim Andersson is Chief Financial Officer of Kinnevik, which is MTG’s largest shareholder. Andersson was appointed to the MTG Board of Directors in 2015. He was also a member of MTG’s Audit Committee and Chairman of MTG’s Remuneration Committee.

MTG Board Director Natalie Tydeman has been appointed as the new Chairman of the Remuneration Committee. MTG’s Board of Directors will now comprise six members.

David Chance, MTG Chairman of the Board, said: “Joakim has made an invaluable contribution to the work of the Board over the past three years and has led or been a member of several of the Board’s committees during that time. He has also played a key part in setting MTG’s successful strategic transformation path. We thank him and wish him the very best for the future.”

“I would also like to thank Kinnevik, as our founder and then largest shareholder, for all of their support and inspiration over the last thirty years. It has been a very special and valuable relationship. Kinnevik has been a vital and close partner that has challenged us to disrupt the Nordic and then international media markets and enabled us to build a unique global entertainment business,” Chance added.

“We will miss the Kinnevik founding family members, Board Directors and executives with whom we have enjoyed so many historic moments and groundbreaking initiatives, but we look forward to welcoming Kinnevik’s shareholders as new direct owners in MTG and to continuing MTG’s journey together.”