Low-cost Norwegian airline Norwegian Air has taken the decision to appoint Chief Financial Officer Geir Karlsen as the company’s new Chief Executive Officer, the company announced on Monday. The board of directors voted Karlsen into his new position on June 20th.
The vote took place after existing CEO Jacob Schram handed in his notice of resignation. He will continue to serve as CEO during his notice period until March 31st.
After taking up his role as CFO in 2018, Karlsen served as acting CEO for six months in 2019. According to Svein Harald Oeygard, chair of Norwegian Air’s board, Karlsen was instrumental in the airline’s successful financial restructuring. In Oeygard’s opinion, Karlsen “has the competencies, focus, trust, and dedication that makes him the best choice as CEO of Norwegian.”
Currently, the low-cost carrier is emerging from bankruptcy protection following a disastrous 2020, during which the coronavirus pandemic forced the company even further into its existing financial crisis. Since then, courts in both Oslo and Dublin have ruled in favor of Norwegian Air to convert a large portion of its debt into stock. This ruling will only apply on the condition that Norwegian is able to raise 4.5 billion Norwegian crowns ($519 million) in additional funds from other channels.
