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Norwegian Air Shuttle has announced that CEO Jacob Schram would be replaced by current chief financial officer Geir Karlsen, effective immediately.
Karlsen has been CFO since April 2018 and was acting chief executive officer from July 2019 to December 2019.
Norwegian's board voted to end Schram's tenure as CEO on June 20, however, he is on a nine-month notice period. The airline has announced Schram will support the board on full-time basis until March 31, 2022, on full pay and then receive a 15-month severance payment in monthly installments.
"An effort has been made by the board to bring the severance payments to a level reflecting the challenges of the industry, but no agreement could be reached," the airline said.
Karlsen has been CFO at a number of companies over the past 12 years, including Golden Ocean Group, Songa Offshore and Navig8 Group. He has a degree in business administration from BI Norwegian Business School.
"Karlsen has successfully led the financial reconstruction of Norwegian and has the competencies, focus, trust and dedication that makes him the best choice as CEO of Norwegian," said Svein Harald Øygard, chairperson of Norwegian's board.
Karlsen will receive a salary of NOK 4.5 million (£375,000) and a bonus contingent on the delivery of the 2021-2022 business plan. In April, the airline got the green light for its restructuring plan; it made the announcement in January that it was pulling out of low-cost, long-haul services permanently.
The search for a new CFO will commence immediately.
Originally published by BTN Europe.
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