Better Collective Cuts Team Due to Business Struggles
Jesper Søgaard, Better Collective’s co-founder and chief executive officer, announced his company’s plans to part ways with some of its team members. This difficult decision came amid the company’s recent cost base adjustment and financial targets downgrade.
Emotional Days for the Company
Søgaard described the past few days as “emotional,” adding that he regrets to bid farewell to some of the colleagues who shaped Better Collective into what it is today. The CEO noted that this decision was not made lightly and attributed it to the company’s suboptimal performances in key markets, such as the United States and Brazil.
Better Collective, which was founded in 2004, has experienced continued growth. However, its expansion has been slowing down, especially in Brazil, which is currently regulating its market.
In addition, the growth has made the company much more complex, necessitating an essential calibration of the overall organization and its investment strategies. These changes will allow the company to secure long-term success, Søgaard believed.
Although we are now focusing on navigating difficult changes, I remain confident that we will emerge stronger as a group and are well-equipped for the long-term growth opportunities ahead.
Jesper Søgaard, CEO, Better Collective
Søgaard thanked everyone who has helped Better Collective become the company it is today.
Better Collective Published Share Buyback Update
In other news, Better Collective just published an update on its latest share buyback program. Originally announced on June 24, 2024, the program sought to repurchase up to EUR 20 million ($21.7 million) of the company’s own shares.
The program was originally set to run from June 24 to September 5. However, it was eventually extended to November 27.
In the latest update, Better Collective announced that it had completed several share repurchase transactions as follows:
In total, 868,708 were repurchased for a total of SEK 197,980,908 ($18.5 million). The aforementioned transactions had been conducted by Nordea on behalf of Better Collective, the latter company clarified. As a result, Better Collective holds 868,708 treasury shares corresponding to approximately 1.4% of its outstanding share capital.
