Former financial boss Geir Karlsen has been appointed as the new CEO of Norwegian Air Shuttle, taking over from Jacob Schram – pictured left.
Karlsen was previously the airline’s Chief Financial Officer (CFO) a post he’s held since April 2018 – or when Norwegian lost the most money and rapidly moved cash between subsidiary companies, allegedly to reduce outlay to former employees and to make the most of each individual bankruptcy. He also acted as the CEO between July and December 2019.
“I am pleased to announce that Geir Karlsen on request of the Board has accepted the job as CEO of Norwegian. 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 of Directors.
The Board of Norwegian voted to end Jacob Schram’s tenure as CEO yesterday, however, due to contract conditions, Schram required 9 months notice so isn’t set to leave the firm until March 22 and between now and then, he’ll continue to earn the CEO’s salary, he’ll also get a massive 15-month severance payment. This is something the airline’s new investors and the Norwegian government which has bailed out the firm, are not happy about.