Stockholm-based FinTech firm Cinnober has announced a new Group Chief Executive Officer. The company’s board of directors has appointed Peter K. Lenardos as Group CEO, effective September 1, amid the departure of Veronica Augustsson, CEO since 2012.Lenardos was Cinnober’s Group Chief Financial Officer since June 2018 and was a Senior Financial Advisor to Cinnober since April 2018. Lenardos will continue to be based in Cinnober’s Stockholm and London offices.
His move to Cinnober as CFO in June came as a surprise to many as he was expected to move to Macquarie’s European arm after a statement in May 2018 announcing that he would become the new Head of Financial Research. The veteran professional, with experience both as an investment banker and ranked research analyst, seems to have rejected that option.
Prior to joining Cinnober, Peter Lenardos was a Managing Director in the Royal Bank of Canada’s (RBC) London office, where he established the global market infrastructure and European diversified financials franchises and developed strong C-suite relationships across the market infrastructure and asset management sectors. He has participated in 6 IPOs raising £1.4 billion and 4 capital raises for existing public companies raising £1.3 billion.
With proven transaction, capital raising, valuation, and forecasting skills, Lenardos is a dually naturalized US and UK citizen holding a Bachelor’s degree in accounting from the University of Notre Dame, where he graduated summa cum laude. His MBA in finance from Northwestern University’s Kellogg School of Management was obtained with distinction.
The board reiterates the company’s intentions to achieve profitability in 2019 and to continue to self-fund its business activities and expansionary efforts. Veronica Augustsson is leaving Cinnober to pursue other interests. Lenardos will also serve as Acting Group CFO in addition to Group CEO while the company searches to fill the Group CFO vacancy.
