Norwegian Air appoints new CEO to lead restructuring

This post was originally published on this site
https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEFAJ0YM_L.jpg

OSLO (Reuters) – Loss-making Norwegian Air (OL:) has appointed a new chief executive to take charge of the budget carrier’s ongoing restructuring, the board said on Wednesday.

Jacob Schram, who joins Norwegian from being an advisor at McKinsey, replaces Bjoern Kjos, the company’s founder who stepped down in July after building the carrier into Europe’s third-largest budget airline.

Schram, 57, led the process in 2010 to list Statoil’s petrol station business, Statoil (OL:) Fuel and Retail, later acquired by Canada’s Couche-Tard (TO:) to become Circle K.

“His extensive management experience from global companies, proven leadership skills, strong commercial consumer orientation and impressive track record of value creation will greatly benefit Norwegian as the company enters into a new phase,” board Chairman Niels Smedegaard said in a statement.

Since July, Norwegian has been run on an interim basis by Chief Financial Officer Geir Karlsen, who has raised cash, postponed debt payments, sold off assets and cut unprofitable routes to keep the company alive.

Karlsen will now continue as CFO as well as deputy CEO.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment