The Board of Directors at Norwegian Air let go of the chief executive officer Jacob Schram. Geir Karlsen has been appointed as the new chief executive of Norwegian Air effective on June 21, 2021. The move comes as the ailing airline is exiting its bankruptcy protection. 

The Board of Directors at Norwegian cast a vote to end the chief executive tenure of Jacob Schram on June 20, 2021. However, he will support the board on a full-time basis during his nine-month notice period up to March 31, 2022. 

"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.

Newly-appointed chief executive Geir Karlsen previously held the position of Chief Financial Officer (CFO) at the Oslo-based air carrier. From July 2019 to December 2019, he was the Acting CEO of Norwegian. Geir Karlsen, who has a degree in Business Administration, will receive a salary of NOK 4.5 million ($519,565). 

“I appreciate the trust given by the Board of Directors, and I am pleased to accept the opportunity of serving Norwegian in a new role as CEO. Going forward, our main priorities will be to increase the profitability of our low-cost operations and to attract new and existing customers in all key markets,” said Geir Karlsen, CEO of Norwegian.

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The High Court of Ireland and Norway approved the Norwegian Air Shuttle proposed scheme of arrangement to exit the bankruptcy protection in both countries.