Polarium CEO steps down after just eight months – tech veteran takes the helm

The shake-up at Polarium comes after an eventful year for the battery giant. Last June, the company's previous board appointed Clas Gunneberg as new CEO to replace founder Stefan Jansson, who had departed amid disagreements with the board.

But the appointment didn’t last long.

Impact Loop can reveal that Gunneberg is stepping down. Polarium’s staff were informed of the latest change on Thursday, and Gunneberg’s last day in charge will be Friday.

The new CEO is Leif Ottosson, who has been the interim head of Polarium’s supply chain since this past autumn.

"There's no drama here," Ottosson tells Impact Loop. "Clas took the company to a certain stage, now we're starting to stabilise and we expect to be profitable within a quarter. The next step is to scale up the business even further. With that in mind, the board wanted a CEO with a slightly different focus."

Tech veteran with CEO experience

While Ottosson is far from a household name in tech circles, he brings extensive experience to the role.

He was previously CEO of British-Danish satellite antenna provider Cobham Satcom, and before that led Navico, a Norwegian marine electronics firm formerly owned by Altor, the VC firm founded by Swedish investment heavyweight Harald Mix.

"I've known Harald for years," says Ottosson, referring to Mix, who is one of Sweden's most prominent green tech investors through his investment firm Vargas. "He asked me to come in and help with the supply chain and manufacturing side, so I've been at Polarium for a few months now."

When pressed about the rapid CEO turnover, Ottosson is frank:

"Simply put, Clas was brought in to stabilise the company, secure financing and deal with some difficulties when the telecom sector dipped and we lost sales. Now the company has recovered, and it needed a new CEO with a different direction."

Innovation push ahead

Since its 2015 launch, Polarium had grown to over 2 billion SEK (approximately €180m) in revenue before hitting turbulence in 2023, largely due to challenges in the telecom sector - one of its biggest customer segments. This led to significant losses and cash flow issues.

However, the company secured a €49m capital injection last autumn from its major shareholders, including Vargas, Swedish pension giants AMF and Alecta, founder Stefan Jansson, and Roosgruppen.

"The company is growing and performing well again," says Ottosson. "We have two new business areas [home batteries and C&I – batteries for commercial and industrial operations] that are absolutely booming. The more I travel and talk to customers, I can't help but feel very confident."

"Now we're focusing on bringing more innovation and new products to market, and attracting even more customers than we have today. We have a fantastic market in front of us, and there are huge possibilities."

The company is growing and performing well again

Drama in the boardroom

The CEO switch follows several dramatic turns at Polarium. It started when the previous board, led by chairman Carl-Erik Lagercrantz, announced they needed new leadership to replace founder Jansson.

At the time, Jansson didn't mince words about the board:

"One thing I've learned: Make sure you have a competent board that understands the product, market and customers," he told Impact Loop.

Shortly thereafter, Jansson and Mix orchestrated a boardroom coup, removing the entire board. Mix joined as a director, and the two have been steering the ship since.

When asked about working with Jansson and Mix, Ottosson is effusive:

"I think very highly of them both. Stefan is a fantastic entrepreneur and Harald is a very wise investor who was early to back green growth, which I think is brave. I've worked with both. Harald and I actually went to Harvard together 40 years ago."

After Impact Loop reported on the CEO change, Polarium issued a press release with a statement from Mix:

“Polarium is better positioned than ever to serve our customers. We extend our gratitude to Clas Gunneberg for his contributions and welcome Leif Ottosson as CEO to lead the company into its next chapter."