Wise Group AB (WISE:STO) dismissed CEO Ingrid Höög and appointed Tobias Berglund as acting CEO with immediate effect. Berglund will also remain in his role as CEO of the company’s Wise Consulting AB.

The Sweden-based provider of staffing and other services announced the change on 21 November.

Höög joined Wise Group almost six years ago and led the company through the pandemic as well as through the sales of its subsidiaries Brilliant Future AB and Edge HR AB.

“This year, much of Ingrid’s time has been devoted to ensuring the group’s profitability through an adaptation of the organisation,” Wise Group Chairman Erik Mitteregger said in a press release that was translated from Swedish. “As this work is now largely completed, the board believes that Wise Group needs a fresh start and a different type of leadership characterised by a strong business focus.”

The board will soon begin recruiting for a new CEO.

Wise Group had reported on 17 November that third-quarter revenue fell 18% year over year to SEK 162.2 million (€14.1 million).

Share price and market cap

Shares in Wise Group on 21 November closed at SEK 25.40 (€2.22), 15.45% above their 52-week low. The company had a market cap of SEK 186.99 million (€16.3 million).