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 The move follows differences between the two companies over the
valuation of joint investments, with Kinnevik putting a lower price
on most of them and Rocket shares falling sharply last week as
analysts questioned some of its valuations.
Rocket said in a statement Kinnevik CEO Lorenzo Grabau and Erik
Mitteregger would resign from the supervisory board and be replaced
by two members independent of its shareholders.
A Rocket spokesman said the departure was agreed by mutual consent.
But company sources have told Reuters Grabau and Rocket CEO Oliver
Samwer have disagreed for a while over strategy.
A Kinnevik spokesman said its two board members were stepping down
to avoid any potential conflicts of interest over future
investments. "This has nothing to do with any disagreement. We
continue to work together. We just believe it is more prudent not to
sit on the board," he said.
Grabau was replaced as chairman of Rocket's supervisory board in
December by former ProSieben digital media manager Marcus Englert.
In February, Grabau told Reuters this was because Rocket had moved
from being a pure internet incubator to being more like an
investment firm in online companies with a model very similar to
Kinnevik's, making it important to have an independent chairman.
Analysts predict Kinnevik will eventually seek to part ways with
Rocket as Kinnevik shifts its investments into education, financial
technology and healthcare.
Founded in Berlin by brothers Oliver, Alexander and Marc Samwer in
2007, Rocket has set up dozens of ecommerce sites, aiming to
replicate the success of Amazon and Alibaba in Africa, Southeast
Asia, Latin America and Russia.
But some investors are concerned over the scale of losses at its
start-ups ranging from online fashion to food delivery, as well as
delays to planned listings due to volatile markets.
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Rocket's shares tumbled last week after a new fundraising with
Kinnevik for its Global Fashion Group (GFG) slashed the start-up's
valuation by two thirds. The stock was down another 3.1 percent at
1220 GMT.
Kinnevik was one of the first investors in Rocket and still has a 13
percent holding - as well as stakes in several of its major
start-ups - making it the firm's second-biggest shareholder after
the Samwer brothers' 38 percent stake.
Rocket said the two Kinnevik board members would be replaced by
former Deutsche Bank finance chief Stefan Krause and French telecoms
group Orange's deputy chief executive Pierre Louette.
Kinnevik is still represented on the supervisory board of online
fashion firm Zalando - its most successful joint investment so far
with Rocket. Kinnevik Chairman Cristina Stenbeck has been chairwoman
of Zalando's supervisory board since 2014 and Grabau has been vice
chairman since 2013.
(Additional reporting by Nadine Schimroszik in Berlin and Mia
Shanley in Stockholm; Editing by Maria Sheahan and Mark Potter)
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