Bengt Sundström, the owner of Danish auction company, has appointed his wife as CEO of the company. Mette Rode Sundstrøm will take the mantle on Feb. 1, replacing Carsten Rysgaard. The move is likely an attempt at stabilizing the executive position, which has seen several executives come and go over the past few years.

Lauritz has struggled to keep someone in the position long-term. Rysgaard has been with the company for just one year. Before him, Lauritz spent more than two years filling the CEO spot with a rotating cast of executives. Erik Norberg (LinkedIn profile), a Schibsted alum, lasted just three months.

In a press release, Sundström (LinkedIn profile) noted his wife’s capacity as a leader. “Mette has a long experience and an extensive network within the international auction scene. She has a strong strategic sense, a highly commercial approach, and great management skills,” he said. Auktionsverk says it is the largest auction group in the Nordics, with 28 auction houses in 6 European countries. It sold 270,000 lots last year and had an annual auction turnover of SEK 1 billion ($122 million U.S.). The company is listed on Nasdaq First North, Stockholm.

Like many auction houses, Lauritz has struggled in 2020. For the first nine months, the company’s revenue declined 6.7% and posted a loss of DKK 19 million ($3.1 million U.S.). The company has hopes of strengthening its capital base thru M-and-A.

The change of CEO was not received positively by the stock market. Shares of Lauritz’s stock were down 7% in early trading Monday, though they recovered slightly as the day progressed.

Print Friendly, PDF & Email

Related Articles