Klarna, the Stockholm-based buy-now-pay-later giant, is making waves again as it prepares for its upcoming IPO by shaking up its board. In a recent development, seven directors have reportedly agreed to oust Mikael Walther, an investor who has been part of the board for nearly eight years. Walther, a close ally of Klarna co-founder Victor Jacobsson, has become a point of contention for CEO Sebastian Siemiatkowski, who has been at the helm for almost two decades. Jacobsson, a major shareholder, departed the company in 2012 but still wields significant influence.
This isn’t the first time this year that Klarna's board has undergone significant changes. In January, Matt Miller, a Sequoia Capital investor, joined the board and quickly pushed for the removal of veteran VC Michael Moritz, who played a crucial role in Klarna’s early funding. Moritz, despite having retired from Sequoia last year, remains the chair of Klarna and was involved in a public dispute with Miller. Following this internal struggle, Sequoia issued an apology and restructured its representation on Klarna’s board, replacing Miller with partner Andrew Reed.
As Klarna navigates these leadership changes, the company continues to face challenges and opportunities ahead of its IPO. The dynamics between its founding figures and investors will undoubtedly shape its future direction in the fast-evolving fintech landscape. The unfolding drama within Klarna highlights the tensions that can arise in high-stakes environments as firms position themselves for growth and investor confidence. With a pivotal moment on the horizon, all eyes will be on how these board shifts will impact Klarna's strategy and performance in the competitive buy-now-pay-later market.
