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STOCKHOLM – The directors of Swedish textile recycler Renewcell have axed CEO Patrik Lundström and replaced him with a new acting CEO following significantly lower sales than expected of the company's Circulose pulp.

Magnus Håkansson, most recently CEO of electronics retailer MediaMarkt Sweden, started his career as a management consultant at McKinsey and has held several leading roles in the retail sector, as well as the pulp industry.

He will take the reins at Renewcell while the board search for a permanent replacement for Lundström who has been CEO since 2019. The company last week revealed it was set to miss its target of breaking even by the end of this year.

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