Ex-Penneo CEO Niels Henrik Rasmussen becomes new CEO at Donkey Republic

Company announcement no 13-2022

• Donkey Republic Board of Directors appoints Niels Henrik Rasmussen as new CEO, replacing co-founder Erdem Ovacik

• Niels Henrik Rasmussen, former CEO for Penneo and Secunia, is hired to continue the development and growth of Donkey Republic following the IPO last year.

• Erdem Ovacik will stay in the company in an active role as an Executive Board Member

The Board of Directors has decided to bring in new management competencies to strengthen and professionalize the company further and has therefore appointed Niels Henrik Rasmussen as new CEO.

Niels Henrik Rasmussen replaces cofounder Erdem Ovacik who will take on a new role at the company, as an Executive Board Member in a working role which includes promoting Donkey Republic’s values externally and advising the CEO and Board on Donkey Republic’s vision, strategy, products, and markets. 

Donkey Republic was established in 2014 as one of the first companies in the micro-mobility market with its unique bike-sharing solution. The company has grown significantly since and is today present in 14 different countries. In 2021 the company was listed at Nasdaq First North Growth Market Copenhagen.  

Chairman Caroline Søeborg Ahlefeldt says:

“Donkey Republic is on the right course. We are expanding to more markets, growing our fleet, closing more deals, latest with the city of Antwerp, and delivering strong economic results. It is therefore a natural next step to strengthen and further develop our management and organization.” 

“We are therefore very pleased that Niels Henrik Rasmussen has agreed to take on the responsibility as CEO and thus spearhead the continued development of the company. Niels Henrik has, both as CEO at Penneo and Secunia, and with HelloRetail and Blackbird, proven that he can take start-up’s and scale-up’s to the next levels in their development, making them stronger and reaching profitability. Niels Henrik has also experience in working with capital markets, and can support our ambitions for growing the company. I would like to thank Erdem Ovacik, both for what he has done for Donkey Republic since the beginning and for his commitment to stay on in a new role.”     

Niels Henrik Rasmussen says:

”It is quite amazing what Donkey Republic has achieved over the past 8 years, both in the way we all transport ourselves in cities, and as a company. Donkey Republic has a unique offering to cities all over Europe and has already proved it by being present in more than 60 cities. We therefore have a very strong foundation for realizing our growth ambitions and at the same time making Donkey Republic a more profitable company, while we maintain the company’s strong focus on ESG. I look very much forward to developing the company even further together with the entire Donkey Republic Team.”  

Erdem Ovacik says:

“Donkey Republic simply offers the best bike sharing solution to cities and we are entering a new phase of growth. I consider Niels Henrik a great new leader of the company with his entrepreneurial background and value-driven approach. I remain fully committed to the company as an executive board member and I look forward to supporting Niels Henrik with my knowledge, vision and strategic insights.”

The changes in roles and positions take effect immediately. Donkey will call for an extraordinary general meeting as soon as practically possible at which the Board of Directors will recommend the election of Erdem Ovacik as new Board Member.