More Senior Staff Changes at Cinnober
The clearing technology vendor names a new CFO and a new CEO of its subsidiary, Simplitium.
Cinnober Financial Technology has made more senior-level appointments following the departure of long-serving CEO Veronica Augustsson last month.
Fredrik Nihlen, previously vice president of finance, is now group CFO. He replaces Peter Lenardos, who was promoted to CEO in August. Both Nihlen and Lenardos are new to the company, having joined earlier this year. Before taking the role in February, Nihlen was head of finance at DIBS Payments Services.
Cinnober has also announced the promotion of John Yonker to CEO of its subsidiary Simplitium, which specializes in transparency services. Yonker was previously Simplitium’s COO. He has previously held in senior roles at Macquarie Group and Credit Suisse.
In 2017, Cinnober reported a revenue loss of SEK93 million ($10.2 million). Last month, the Stockholm-based company reported a loss of SEK7.7 ($0.84 million) in its second quarter results. Cinnober CEO Lenardos says the company’s financial troubles were a result of a shift away from its core business and says the vendor is pursuing a back-to-basics approach.
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