Norwegian Air has appointed author and longtime corporate
manager Jacob Schram to be its next CEO.
Schram, 57, will take the post on Jan. 1. Current acting
CEO Geir Karlsen will continue to be the discount carrier's CFO. Karlsen
has held the post of acting CEO since Norwegian Air co-founder Bjorn Kjos was
forced to step down in July.
Norwegian Air chairman Niels Smedegaard said Schram's "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."
Schram has held managing roles with Circle K, Statoil Fuel
& Retail, McDonald's and the consulting firm McKinsey. He is also author of
the book "The Essence of Business," and over the last year has worked with
private investments, start-ups and presentations related to the book and the
topic "Future Mobility 2030."
The airline is fighting to right its finances. Norwegian Air
lost $170.3 million in 2018. This year, Norwegian has slowed growth
considerably and has taken steps to strengthen its balance sheet. Recent
measures include a joint venture with China Construction Bank Corp. to finance,
own and lease aircraft that Norwegian has on order.
Earlier this month, Norwegian said it had raised $150
million through a convertible bond issue and a private sale of equity. The
carrier now says it is fully funded through 2020.