The board of Klarna Bank has decided to dismiss Mikael Walther, a close associate of co-founder Victor Jacobsson, as reported by the Financial Times.
According to the FT, seven out of the eight board members voted to remove Walther, although the decision still requires approval from shareholders.
Walther has served on the board for nearly eight years and has been a trusted confidant of Jacobsson, who left Klarna in 2012 but remains a significant shareholder and has exerted influence through Walther.
Jacobsson has reportedly had a falling out with co-founder and CEO Sebastian Siemiatkowski in recent years. The two have clashed over the company’s strategy for going public in preparation for an anticipated IPO next year, as noted by Bloomberg.