Norwegian Air Shuttle comes out of bankruptcy and appoints new CEO

Image: Gale Karlsen. Source: Norwegian Air Shuttle

Named Norwegian Air Shuttle ASA (OTC: NWARF) Gail Carlsen As the new CEO, the following Monday, when the company’s board of directors decided to immediately terminate the contract with former boss Jacob Schram.

Norwegian Air Shuttle Chairman Svein Harald Øygard said in a statement that the company’s CFO Karlen runs an Oslo-based airline: “The ability, focus, confidence and dedication to make him the best choice. I have. “

No reason was given for the change, as low cost airlines broke bankruptcy protection. In November 2020, Norwegian Air Shut Protection against creditors After the COVID-19 pandemic plunged heavily indebted airlines into dire financial straits.

According to a press release, Karlsen, 56, CFO of Norwegian Airlines since April 2018, served as CEO from July 2019 to December 2019. Prior to Norwegian Air, Karlsen was CFO of international companies such as Golden Ocean Group, Songa Offshore and Navig8 Group. .

“We appreciate the confidence of the Board of Directors and are pleased to accept this opportunity,” Carlsen said in a statement.

“Our main priority now is to increase the profitability of our low-cost business and to attract new and existing customers in all major markets,” he said. “The Norwegians are in a good position following the recent rebuilding of the business, with a strong brand, proven products and services and a team of experienced colleagues who are uniquely ready to fight for all of their customers. I go. “

The Norwegians have said they will start looking for a new CFO soon.

through Associated PressShram told the Norwegian press that his shot was “a big surprise”.

The board decided on June 20 to end Shram’s 18-month tenure, but said he would support his full-time career during the notice period until March 31, 2022. 9-month notice period month.

“The board has tried to provide severance pay at a level that reflects the challenges of the industry, but could not come to an agreement,” Norwegian Air Shut said.

Reuters Shram reported annual income of NOK 7 million ($ 816,000). Karlen’s base salary is no different from the CFO’s salary of SEK 4.5 million, but with performance-based bonuses and stock options.

Norwegian Airlines signed a bailout last month, raising SEK 6 billion ($ 721 million) through the sale of new shares, perpetual bonds and rights issues, according to the Associated Press.

As part of the restructuring, Norwegian Air Shutdown ended long-haul flights to focus only on European destinations. We also reduced the number of aircraft from 140 to around 50 and canceled orders for Boeing and Airbus SE aircraft.

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Source: Stock news

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