Renewcell Appoints Magnus Håkansson as Acting CEO

Desk Report October 25, 2023Last Updated: October 25, 2023

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Figure: Magnus Håkansson, Courtesy: Paper Advice

Renewcell, a leading player in the sustainable fashion industry, has announced the appointment of Magnus Håkansson as its new acting CEO, effective immediately. The decision comes as the company grapples with slower-than-expected sales growth and aims to shift its focus toward sales to brand companies in the clothing retail sector. Håkansson takes over from Patrik Lundström, who had served as CEO since 2019.

Magnus Håkansson, a seasoned executive with a wealth of experience in the retail and fashion sectors, is expected to bring a fresh perspective to Renewcell. Håkansson holds a degree in economics from the Stockholm School of Economics and an MBA from MIT Sloan School of Management. His career path began as a management consultant at McKinsey, followed by several key leadership roles in global growth companies in both the retail sector and the pulp industry. Notably, he has considerable experience in a listed environment and recently held the position of CEO at MediaMarkt Sweden.

The decision to appoint Håkansson as the acting CEO was made by the Board of Renewcell and was motivated by the company’s desire for a leadership change to address challenges in the current market. The sustainability-focused company had faced slower adoption in the value chain, resulting in lower sales growth than originally anticipated.

Michael Berg, Chairman of the Board of Renewcell, expressed gratitude to outgoing CEO Patrik Lundström, acknowledging his significant contributions to the company’s growth and development. Lundström played a pivotal role in guiding Renewcell through crucial phases such as its transition from the development stage to listing, factory construction, and production.

“With a slower adoption in the value chain, and thus lower sales growth, than expected, the Board has decided that a new leadership in the company is necessary. I would like to thank Patrik for his contribution to the development of Renewcell, he has been instrumental in taking the company from the development stage to listing, factory construction and production. We are very pleased that Magnus Håkansson is now stepping in as acting CEO. His experience from consumer-focused companies and his solid leadership skills will add value to the company in its current phase – focusing on sales to brand companies in the clothing retail sector, where we see continued strong interest.”
Michael Berg, Chairman of the Board of Renewcell

This transition in leadership signals a strategic shift for Renewcell, with an emphasis on strengthening sales to brand companies within the clothing retail sector, where there is perceived to be significant demand for sustainable fashion solutions.

With Håkansson now at the helm, Renewcell is expected to chart a new course and accelerate its growth trajectory. Additionally, the company has initiated a recruitment process to identify a permanent CEO to lead the company into the future.

Renewcell remains committed to its mission of promoting sustainability in the fashion industry and is determined to overcome its current challenges under the guidance of Magnus Håkansson.