Odido CEO steps down months after major cyberattack, cancelled €1 billion IPO

Odido CEO Søren Abildgaard is stepping down and will be replaced by longtime company executive Tisha van Lammeren, the Dutch telecom provider announced on Wednesday. The leadership change comes months after a cyberattack by the ShinyHunters hacking group exposed the personal data of millions of customers, and the company abandoned plans for a stock market listing that could have raised €1 billion.

The attack took place in early February, when ShinyHunters gained access to Odido's customer systems by posing as an IT employee and tricking a customer service worker into entering their login details on a fake website.

The hackers stole personal information belonging to approximately 6.39 million people, including current and former customers of Odido and its subsidiary Ben. After Odido refused to pay a ransom, the group published the stolen data online.

Abildgaard said in September that he was pleased the company had refused to pay the hackers, despite the consequences. “But ethically, I am very, very happy that I made that decision,” he said at a conference organised by telecom industry association NLconnect. He also acknowledged that Odido should have communicated better with customers after the breach. “If you are silent, explain why. I don't think I did that well enough,” he said.

The fallout from the attack has continued, with Dutch police arresting a 24-year-old man from Amsterdam in September on suspicion of involvement with ShinyHunters.

The group has also been linked to a wave of scams targeting Odido customers, with fraudsters posing as company representatives and offering bogus compensation for the data breach. In some cases, they have attempted to obtain verification codes that could allow them to take over accounts or install an eSIM.

In mid-January, Odido's owners, private equity firms Apax Partners and Warburg Pincus, were preparing to take the telecom company public on Euronext Amsterdam. The initial public offering (IPO) was expected to raise around €1 billion and could have taken place as early as late January.

The company shelved those plans in February after receiving a weaker-than-expected response from investors, according to Reuters. Investor meetings reportedly raised concerns about Odido's valuation compared with rival KPN, while volatility in global stock markets added to the uncertainty. The IPO was put on hold without a firm timetable for a possible revival.

Van Lammeren has worked at Odido and its predecessor businesses for more than 20 years. She most recently served as chief commercial officer for the mass market business and previously held senior positions in marketing, customer operations and commercial strategy. She takes over as CEO with immediate effect.

“Odido has built something distinctive in the Dutch market, with a clear ambition to be the country's customer champion,” Van Lammeren said. “I have been part of that journey for many years, and my focus as CEO will be on building on the established platform and success of the business to date, maintaining our customer focus whilst continuing to invest in our network and services across the Netherlands.”

During his tenure, Abildgaard oversaw the transition from T-Mobile Netherlands to Odido in 2023, the nationwide rollout of 5G and the expansion of the company's access to fibre-optic networks. Odido serves approximately 8 million customers in the Netherlands.

Olaf Swantee, chairman of Odido's supervisory board, thanked Abildgaard for his contribution and said Van Lammeren was well placed to lead the company into its next phase. “Tisha's deep knowledge of the business and the market, together with her track record as a commercial leader, make her well placed to now lead the company into its next phase,” he said.

“It has been a privilege to serve as CEO of Odido during an important period in its development, particularly overseeing the creation of Odido as a standalone champion in the Dutch market,” Abildgaard said. “I wish Tisha and the team every success in taking the business through its next chapter.”