Gun Nilsson has been at the centre of some of the Swedish business sector’s most transformative journeys – from crisis-stricken industrial companies to IPOs at major investment firms. With more than three decades in executive positions, she is now a sought-after board professional, serving on the boards of some of the Nordic region’s most well-known companies, including Hexagon, Konecranes, and Bonnier Group. Her career began with an analytical mind and a confidence shaped by her background in sports – and has gradually been defined by what might be her most distinguishing qualities: curiosity, decisiveness, and the ability to see the big picture even in the eye of the storm.

In this interview, Gun shares her career journey, and we talk about board work in a changing world, the importance of putting the right structure in place before the turnaround comes – and why she believes the EU should focus more on its core mission.

“Nothing is handed to you – you have to take initiative”

Gun, how did your career journey start, and what drove you?

“I’ve always been curious about testing boundaries. That has always been my driving force – to get a clear picture, understand the situation, contribute alongside the team, and grow. I never expected things to be served to me on a plate. You have to take initiative and show that you have the drive to achieve more.

After my business studies at the Stockholm School of Economics, I started working at Öhrlings, which is now PwC. It was a great learning experience – lots of responsibility early on and a manager who delegated quickly. I was thrown into analysis, consultancy, and independent projects quite early, which allowed me to grow quickly.

After a few years, I craved something new – I wanted to explore different parts of the business world. I joined Bonnier and worked closely with group finance and business development executives, primarily in industrial segments outside the media sphere. Getting to work directly with these types of businesses left me wanting more.”

From CFO to Change Leader

You became CFO at Duni when Bonnier owned the company. What was that period like?

“It was incredibly instructive – both the good and the bad. Shortly after I started at Duni, EQT became a part-owner. Shifting from a family-owned company to one owned by private equity was a real cultural adjustment. Faster decisions, and a much greater focus on results. It was a turbulent time: four CEO changes, layoffs, and a complete relocation of the business from Halmstad to Malmö. But EQT was a good owner – they stayed the course, invested in the core business, and gave us the support we needed to turn the company around. It was also during this period that I began to engage in board work with Handelsbanken Funds and SPP Funds. That opened up new perspectives and networks.”

You then continued to Gambro, Nobia, and eventually Sanitec, where you were involved in a stock market listing?

“I was contacted by a former Duni CEO who was now chairman of Sanitec – again owned by EQT. I joined as CFO under tough circumstances. The company was spread across Europe, inefficient, and financially vulnerable. We carried out a comprehensive restructuring – began measuring and delegating profitability responsibility along the value chain based on facts, cut costs by 30%, introduced unified costing models and processes, and maintained strict control over cash flow. It was a huge cleanup project, but we succeeded, and the 2013 IPO was proof of that. Shortly after, the company was acquired by Geberit. That experience taught me what it really means to create structure in chaos, and to dare to make tough decisions before the tide turns.”

Change Opens the Door for a New Direction

When Sanitec was sold, what attracted you to IP-Only?

“After many years working with companies in crisis, I was attracted to a growth company. IP-Only was a brand new industry for me – broadband and digital infrastructure – but I enjoy learning new things. There was potential and forward momentum, and it felt refreshing. At the same time, I was on the board of Hexagon, among others. Things moved quickly from there: Melker Schörling AB was looking for a new CEO after Melker himself had stepped down as chairman. I had the opportunity to step into the role – an investment company where I also got a close view into many of the portfolio companies, especially AAK and Hexpol. During my time there, we also acquired a larger stake in Anticimex. Those were five intense years where I truly got to combine operational work with long-term value-creation at the board level.”

Board Work in a Changing World

What do you see as the biggest challenges in the boardroom today?

“The biggest challenge is not getting overwhelmed by formality – like governance and compliance, especially in publicly listed companies. It’s definitely important, but the board’s primary mission must be forward-looking: strategy, business development, and talent acquisition. The world is changing fast, innovations are moving faster, and customer structures are evolving. Decisions need to be made quicker – slow leadership no longer works. Sustainability is now business critical. But it’s not enough to just follow rules or report historical data. It needs to be connected to customer value. In the end, it’s the customer who pays for sustainable solutions – if they see real benefit.”

“There’s a Regulatory Frenzy in Brussels”

You’ve emphasized the importance of regulation that creates real value for businesses. What’s your view on the current regulatory environment within the EU?

“There’s often too much bureaucracy. Rules that are created just for the sake of rules. I think many of these regulations do not add any meaningful competitive value in the real world for companies operating in an increasingly competitive global market. The EU should focus on its core mission – on areas where cross-border collaboration is truly needed. Everything else should be managed by the individual countries. Sweden can also be a bit of a goody-two-shoes – we’re often first to implement EU regulations, sometimes without considering whether it might be better to wait and evaluate further. I think Sweden needs to raise its voice more in Brussels and push back against this development – not least together with the other Nordic countries.”

Three Tips for the Next Generation of Leaders

What advice would you give to young people who want to work on boards and in leadership roles?

“Stay curious – always. Curiosity is a mindset, not a phase in life. Build your competence so that you understand the big picture, but don’t be afraid to dig deep into a subject. Take initiative – nothing happens on its own. Your development is your own responsibility. And remember – to truly influence a company’s direction, you need solid facts, but also courage, timing, and strong teamwork. Sometimes, you just have to dare to take a stand before things turn around.”

Life Outside the Boardroom

How do you recharge your own batteries?

“I’ve always been into sports – competed in both curling and golf as a kid. These days I mostly play golf for fun, but the competitive instinct is still there! I enjoy trying new things – experimenting with new recipes while cooking, going to the theatre. And traveling – that’s what I love the most!

In the past, I rarely had time for private travel. Now, it’s different. South Africa is a favourite – a country of contrasts and depth. I recently went on a fantastic safari in Botswana. High on the bucket list is also Japan, Svalbard, Antarctica, and driving Route 66 in the U.S. My husband has children and grandchildren there too, so we have plenty of reasons to visit the U.S.”