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Evolution CEO Martin Carlesund is expected to net a bonus worth some €5.7m in 2022, taking his total compensation for the year to around €7m.

Those are the figures according to Swedish newspaper Dagens Nyheter (DN), which this week published an annual review of executive compensation across the country’s public companies.

The review discovered an average pay increase of around 12% among managers at Stockholm-listed firms, while CEOs specifically saw a 19.9% increase in their compensation packages.

The increase in Carlesund’s overall compensation in 2022 saw him top DN’s list of pay rises awarded last year, ahead of Investor AB CEO Johan Forssell and Volvo CEO Martin Lundstedt.

Significant increases in executive compensation have not gone unnoticed in Sweden considering the wider economic situation. 

While rising costs and stagnating wages continue to impact the lives of lower-ranking workers, many have pointed to the lucrative year enjoyed by senior management across a variety of Swedish firms.

Susanna Gideonsson, chair of the Swedish Trade Union Confederation (LO), told DN: “It is completely insane. There is no tendency for them to slow down. 

“On the one hand, they go out and say it’s a disaster in the economy, and then they’ve pretty much already compensated themselves for inflation.”

This, DN said, creates a sensitive situation as trade unions have demanded a modest 4.4% pay rise for their members, while companies call for restraint on salaries to avoid contributing to rising inflation.

Gideonsson suggested in December that “those who have already eaten their fill and much more than that do not need to increase their compensation more than those who have no food on the table. 

“If the business community stands up and says that we are doing this together and we are going to get Sweden out of the high inflation, it is much easier to push things through,” she concluded.

In a statement provided to iGaming NEXT, Evolution said Carlesund’s total remuneration was subject to conditions on acquiring warrants in Evolution within the incentive programme 2021/2024.

Under Carlesund’s leadership, Evolution generated upwards of €1bn in revenue during the first nine months of 2022, a year-on-year increase of 36.5%.

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