Søgaard described the past three days as “emotional,” and laments saying goodbye to some of the colleagues that molded Better Collective into what it is today.
Better Collective’s co-founder and CEO, Jesper Søgaard, revealed plans to separate ways with some of its team members. This difficult choice was made in light of the company’s recent cost base modification and financial target lowering.
Emotional Days for the Company.
Søgaard described the previous few days as “emotional,” adding that he regretted bidding farewell to some of the colleagues who helped grow Better Collective into what it is today. The CEO stated that this decision was not taken lightly and linked it to the company’s poor performance in major markets such as the United States and Brazil.
Better Collective, started in 2004, has seen steady growth. However, its growth has slowed, particularly in Brazil, which is currently controlling its market.
Furthermore, expansion has increased the company’s complexity, necessitating a critical calibration of the total structure and its investment strategy. Søgaard believed that these measures would safeguard the company’s long-term success.
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 praised everyone who contributed to Better Collective’s success.
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Better Collective’s Share Buyback Update
In other developments, Better Collective just provided an update on its current share buyback program. Initially launched on June 24, 2024, the program aimed to repurchase up to EUR 20 million ($21.7 million) in the company’s own shares.
The program was initially scheduled to run from June 24 to September 5. However, it was eventually extended until November 27.
In the most recent statement, Better Collective announced that it had executed various share repurchase transactions, as follows:
- October 21 – 9,050 shares for SEK 2,010,745
- October 22 – 4,600 shares for SEK 998,265
- October 23 – 6,160 shares for SEK 1,340,105
- October 24 – 7,000 shares for SEK 1,540,237
- October 25 – 11,000 shares for SEK 1,554,572
In total, 868,708 were repurchased for SEK 197,980,908 ($18.5 million). Better Collective clarified that the aforementioned transactions were carried out by Nordea on its behalf. As a result, Better Collective has 868,708 treasury shares, accounting for approximately 1.4% of its outstanding share capital.
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