Akastor CEO to take up investment role in Aker. Replacement named

Kristian Røkke, CEO of Norwegian oil service investment company Akastor, has decided to take up the position of chief investment officer in Aker ASA, effective January 1, 2018.

Akastor said on Monday that Røkke’s successor was Karl Erik Kjelstad who would assume the position of Akastor’s chief executive officer on January 1, 2018.

Aker, which is a shareholder in the company through Aker Kværner Holding AS, will also propose the appointment of Røkke as Akastor’s chairman of the board at the next annual general meeting. Aker Kværner, owned by Aker ASA and the Norwegian government, is the largest shareholder of Akastor with a shareholding of 40.27 percent.

Røkke said: “It has been a pleasure to lead Akastor and I am proud of what the team has accomplished. The company has focused its portfolio, strengthened its balance sheet, and is well positioned to further develop its core assets, MHWirth and AKOFS Offshore, over the coming years. Karl Erik Kjelstad has a strong track record and is the right person to develop Akastor going forward.”

The new CEO, Kjelstad added: “I look forward to leading Akastor into its next phase. Important tasks lie ahead of us to continue to deliver value to shareholders, and I am excited about these opportunities for Akastor.”

Kjelstad has been an EVP and investment director in Akastor since its establishment in 2014. He joined the Aker group in 1998 and has held various executive positions throughout the group, including EVP of Aker Solutions and CEO of Aker Yards ASA in 2003-2007.

He holds an MSc in marine engineering from the Norwegian University of Science and Technology (NTNU) and an AMP from Harvard Business School.

As of December 11, 2017, he held, through a privately-owned company, 123 074 shares in the company and had no stock options.

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