March 11, 2016 / 8:26 AM / 3 years ago

Cristina Stenbeck steps down from Kinnevik, Millicom chairs

STOCKHOLM, March 11 (Reuters) - Cristina Stenbeck, the main shareholder of Swedish investment firm Kinnevik, said she would step down from its chair and leave the board of telecom and media firm Millicom, Kinnevik’s second-biggest holding, which she also chairs.

Kinnevik and Millicom on Friday said their nomination committees, which both include Stenbeck, proposed Tom Boardman, who has been on Kinnevik’s board since 2011, as new chairman for the companies.

At Kinnevik’s chair, Cristina Stenbeck has changed its portfolio from one focused on investments in mobile telecoms, media and packaging, built up by her father, to e-commerce and other online services.

Stenbeck, who has chaired Kinnevik since 2007 and Millicom since 2014, said she would stay on as a non-executive member of Kinnevik’s board and also lead its nomination committee. She will also stay on Millicom’s nomination committee.

“At the same time she will get more time to meet entrepreneurs, learn about new business models and visit new markets and so on, so she frees up some time to do that,” Kinnevik spokeswoman Torun Litzen said.

Earlier this month, Stenbeck said she would leave the board of German online fashion retailer Zalando, Kinnevik’s biggest holding, which she had chaired since 2014. (Reporting by Sven Nordenstam; editing by Niklas Pollard)

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