Norwegian Air has named as its CEO former energy and retail executive Jacob Schram, on whom its board is pinning hopes of a return to profitability. Schram will start as CEO on Jan. 1.
Schram is a newcomer to the airline industry, but Norwegian board chair Niels Smedegaard said 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." His previous roles include CEO of Norwegian fuel station operator Statoil Fuel & Retail as well as European group president for Canadian convenience store operator Couche-Tard after it acquired SFR in 2012. He has been a senior advisor with McKinsey since leaving Couche-Tard in 2018.
In a statement, Schram said his "main focus will be to bring the company back to profitability and fortify the company's position as a strong international player within the aviation industry." After several years of rapid expansion, Norwegian more recently has cut back on spending and growth to improve its balance sheet, including cutting several transatlantic routes and delaying some aircraft deliveries.
CFO Geir Karlsen, who has been acting CEO since Bjorn Kjos stepped down in July, effective Jan. 1 will continue as deputy CEO as well as CFO.