Lofgren will replace Matti Rönkkö who has served five years in the company. Lofgren was previously North American CEO of Klarna, the leading payments solutions provider, also one of the most successful and fastest growing companies in the Nordics. Lofgren will be based in New York, starting in June.
Nosto recently secured $17 million in funding from the European Investment Bank to accelerate their U.S. expansion and product development. Nosto has expanded its presence to the West Coast, launching a new office in Los Angeles, the second U.S. hub following New York. The U.S. is a hyper-growth market for Nosto.
Speaking of the search Moaffek Ahmed, Chairman of the Board for Nosto said “Throughout our search process, we were incredibly impressed with Jim. We’re confident that under his guidance and leadership, we’ll take the company to the next level.”
Ahmed commented further “The Board sees huge growth potential in Nosto with the rapid expansion of ecommerce coupled with Nosto’s impressive performance across all markets. With more than 2,500 of the world’s leading brands now using Nosto to deliver their customers’ personalized experiences and a compound annual growth rate in North America of 260% between 2015-2017, we’re confident that these great results will continue. We are grateful to Matti for his leadership and confident that a very sound foundation and promising future are in place for Jim to drive significant growth for Nosto.”
“I am honored by the opportunity to lead this tremendous organization, and continue to be impressed by its innovation and talented team. Nosto has created a stellar reputation in the area of AI and personalization — nobody does it better — and I fully expect to see continued growth and momentum for this company going forward,” said Jim Lofgren, Nosto’s new CEO. “I’m eager to get started and to expand Nosto’s footprint by leveraging its patented advanced technology and machine learning that helps retailers predict the best products and offers for customers based on their unique needs, wants and behaviors.”