The former Social Democratic politician Ilya Batljan will also remain on the board of the company he founded in 2016.

The share price has plummeted in May and the company writes in a press release that the Board of Directors agrees that a new leadership is the best thing for SBB.

"As founder and major shareholder of SBB, it is in my role to take responsibility in a challenging time. The appointment of Leiv Synnes is an excellent choice of CEO that gives SBB the best possible conditions going forward. I would like to take this opportunity to thank all the fantastic employees at SBB who over the years have worked tirelessly side by side with me. My faith in SBB is intact and I remain as a board member," says Ilija Batljan in a press release.

The text is updated.

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The rise and fall of SBB's public share – see SVT's summary in the clip. Photo: Stina Stjernkvist/SvD/TT