North Energy CEO fired

North Energy ASA, a Norwegian oil & gas exploration company,  has fired its CEO Erik Karlstrøm. The company has said that Karlstrøm has been relieved of his duties with immediate effect.

Providing rationale for the move, the company said that “Karlstrøm no longer has the trust of the Board.”

Erik Karlstrøm has been the CEO of North Energy since 2007. CFO Knut Sæberg, who has been the acting CEO during Karlstrøm’s recent sick leave, will continue as acting CEO until the Board has replaced Karlstrøm with a new permanent CEO.

In North Energy, the CEO and CFO have 24-month severance payment agreements. In the event of resignation at the request of the board of directors, they have the right to a severance payment equivalent to two years of gross fixed salary.

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