Investment firm Kinnevik announced Sunday that Rubin Ritter has been appointed interim CEO, effective immediately, replacing Georgi Ganev.
The move comes as Kinnevik continues to grapple with a significant downturn in its stock price and scrutiny following a report alleging overvaluation. Ritter, a current member of the board, will lead the company while a search for a permanent CEO is underway.
Interim CEO Focused on Evaluation
“We have agreed on a clear and focused agenda for this interim period,” Ritter said in a press release. “This includes a thorough and impartial evaluation of our team, our culture, our working methods and our portfolio and to implement changes where needed.”
Cristina Stenbeck, Kinnevik’s chairwoman, emphasized Ritter’s understanding of the company and his commitment to a performance-driven culture. “Rubin knows the company well and understands the importance of a performance-oriented culture with active and responsible ownership,” Stenbeck stated. “He has extensive experience as an investor, entrepreneur, operational and financial manager, and board member, and a track record of scaling up swift-growing companies, raising and returning capital, and leading the transition from private to public stock markets.”
Search for Permanent CEO Underway
The company confirmed that the search for a permanent CEO is ongoing, with the board’s recruitment committee currently evaluating a number of candidates. “The recruitment process to select and appoint a new permanent CEO is underway, and we are meeting with a number of candidates who have relevant backgrounds from comparable companies in Sweden and Europe,” Stenbeck added.
Ritter previously served as one of three CEOs of Zalando from 2010 to 2021, a period during which Kinnevik was a major shareholder in the company. He joined Kinnevik’s board at the annual general meeting in May of last year, coinciding with Stenbeck’s return as chairwoman.
Recent Challenges for Kinnevik
Kinnevik has faced a challenging period, with its share price declining sharply since the end of 2023. The stock experienced a further drop earlier this week after a report from Ningi Research raised concerns about problematic related-party transactions, hidden loss centers, and inflated valuations, as previously reported by EFN.
Kinnevik refuted the allegations, stating that they were inaccurate.
Stock Performance
The company initially announced in late November 2025 that Ganev would step down as CEO, with a planned transition period of up to twelve months. However, the board has now opted to accelerate his departure with Ritter’s immediate appointment.
“I am pleased that Rubin is taking on this temporary role while we complete the selection process for the permanent position,” Stenbeck said in the press release.
Year-to-date, Kinnevik’s stock is down 38 percent. Over the past three years, the decline is even more pronounced, at 65 percent. This contrasts with Stockholm’s broad index, OMXSPI, which is near zero for the year-to-date and up over 25 percent over the last three years. The change in leadership reflects the pressure on Kinnevik to address its recent underperformance and restore investor confidence.
