In surprise move, Norwegian low-cost airline names new CEO

Low-cost carrier Norwegian Air Shuttle has tapped the carrier’s CFO Geir Karlsen as new chief executive on Monday, a day after the board decided to immediately terminate its contract with CEO Jacob Schram

COPENHAGEN, Denmark -- A new CEO for low-cost carrier Norwegian Air Shuttle was tapped Monday when the carrier’s Chief Financial Officer Geir Karlsen was named a day after the board decided to immediately terminate the contract with former CEO Jacob Schram. No reason was given for the change. In a statement, board head Svein Harald Oeygard said Karlsen “has the competencies, focus, trust and dedication that makes him the best choice as CEO of Norwegian.” Schram told the Norwegian news agency NTB that his firing “came as a great surprise to me.” The ailing airline has struggled with the fallout from the coronavirus pandemic and a debt restructuring plan. Last month, Schram announced that Norwegian “has been saved.” The claim came after Norwegian had concluded a rescue plan, raising 6 billion kroner ($721 million) through the sale of perpetual bonds, new shares and a rights issue.