Q4 PW and CEO resignation likely two separate events
Proact sent out a surprising Q4 PW and CEO resignation this morning. The CEO, Jonas Hasselberg, has signed on with a PE-owned IT company in Sweden (no competing business) for an opportunity he couldn't resist, and says it is unrelated to the Q4 results. Q4 PW is driven by a volatile (as usual) systems business with large hardware shipments that are lumpy between quarters. Q4 EBITA guided to be down 20-30% y-o-y, which is -40% vs FactSet consensus, driven by weaker Nordics & Baltics after a couple of strong quarters and a challenging German market overall. Proact comments that the development is mainly of a temporary nature.
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