Klarna appoints Chris Kugel as CFO effective January 1, 2027
Key Facts
Klarna announced the appointment of Chris Kugel as chief financial officer effective January 1, 2027, subject to regulatory approval, according to a summary of an article published by Business Wire on November 11. Kugel will succeed Niclas Neglén, who has held the role for six years, and Neglén will remain in the position through the end of 2026, according to the summary. The appointment turns a leadership transition plan announced by the company in August into a specific handover date, while completion of the move remains subject to regulatory approval. Klarna shares closed at $13.47 in the November 11 session, according to EL7 data. This comes days before the company releases its third-quarter results, which will give investors an update on financial performance during the transition.
Klarna announced on August 18 a planned transition in the CFO and chief marketing officer roles in early 2027. It said at the time that Neglén, who has spent six years as CFO, and David Sandström, chief marketing officer for nine years, would continue to lead their teams during the transition. It also said Neglén would continue to lead finance and investor relations into the following year, including as a member of the board. The company said its search for a New York-based CFO was underway. In its announcement of the two transitions, it said they "were not the result of any disagreement with Klarna on its operations, policies or practices."
Kugel joins the role from Robinhood, where he serves as vice president of corporate finance and investor relations, according to his biography on the company's investor relations website. The biography says he joined Robinhood in 2022, after heading investor relations at LPL Financial and working as a principal at Bain & Company. This experience provides a career path in corporate finance and investor communications, both closely related to the CFO role. His start at Klarna remains set for January 1, 2027, and subject to regulatory approval, according to the appointment announcement summary. Any handover before then remains within the arrangement the company said would keep Neglén in the position through the end of 2026.
Second-quarter results provide the performance backdrop ahead of the new CFO taking over. Gross merchandise volume was $36.6 billion, up 18% year over year, while revenue was $1.042 billion, up 27%. Transaction margin was $446 million, up 42%, and adjusted operating income reached $91 million, an increase of 214% from the year-earlier period. The company also posted net income of $9 million, compared with a net loss of $53 million in the second quarter of 2025. At the same time, it lowered its 2026 gross merchandise volume forecast to a range of $149–151 billion, from a previous forecast of more than $155 billion.
Klarna described the third quarter as an "investment quarter" and said spending would fund the launch of new services for payment service providers, with marketing solutions preceding the volumes those launches are intended to bring. The company forecast third-quarter gross merchandise volume of $35–36 billion, revenue of $940–980 million and adjusted operating income of $5–15 million. Results are scheduled for release on November 17, 2026, before the market opens, with a webcast to discuss them at 8:30 a.m. Eastern Time the same day. In its results-date announcement, the company said its network includes more than 120 million active users globally, processes 3.8 million transactions daily and has more than 1.2 million merchants using its solutions. The upcoming announcement follows the quarter the company described as an investment quarter and comes before Kugel is due to begin his role in early 2027.