Ten days after reporting Pandox AB CEO Anders Nissen was being treated for COVID-19, the company said on Monday that the founder of the company has passed away after a short period of illness.
Nissen, 64, had been the CEO of Pandox since inception in 1995 and the company, under his leadership, became one of the largest hotel property companies in Europe. At the start of 2021, Pandox’s portfolio included some 156 hotels and more than 35,000 rooms, according to HOTELS data.
HOTELS’ Investment Outlook profiled Nissen in March 2017, describing him as a sportsman and competitive by nature, which might explain why he was also considered by hotel management companies to be one demanding owner who prefers his operators participate via lease – when productivity and profitability don’t take a back seat to brand marketing and fee collection.
“When I, as an owner, give a management contract to someone who doesn’t understand what they should do with the operation, I mean, it couldn’t be worse. Their fee-based model doesn’t incentivize them to operate things efficiently,” he said.
Upon announcing Nissen’s death, Christian Ringnes, chairman of the board of directors of Pandox, said, ”We have today received the news of Anders Nissen sadly passing away. It is a great shock and an unmeasurable personal loss. There are not words enough to describe the sense of sadness and loss we are all feeling. Our thoughts are with Anders and his family.”
Ringnes added that the board of directors will begin to search for a new CEO. During this process, Liia Nõu will continue as acting CEO and CFO. “Anders Nissen leaves behind a strong and executive organization in which the board of directors has strong confidence,” Ringnes said.