Mikael Walther, a board member at Klarna Bank, has opposed a governance plan that could reward CEO Sebastian Siemiatkowski with a staggering $35 billion. His dissent led to his removal from the board, which he is now urging shareholders to contest in an upcoming meeting.
In a separate letter from Klarna Chairman Mike Moritz to investors, the rationale for the vote to oust Walther was elaborated. Moritz noted it followed an investigation by the law firm Freshfields, which looked into allegations of Walther's conduct.
Tensions within Klarna’s board are apparent, especially regarding governance decisions that may affect its potential IPO. The conflicts between CEO Siemiatkowski and co-founder Victor Jacobsson hint at underlying struggles over the company's future direction and control.
Klarna’s financial trajectory has significantly altered, dropping from a $45.6 billion valuation to just $6.7 billion, raising questions about the feasibility of their IPO plans at a projected $20 billion valuation.
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