Akastor CEO joins Aker as CFO, new CEO steps in
Akastor ASA has appointed Kristian Røkke as its Chief Executive Officer to succeed Frank O. Reite, who will take the position of Chief Financial Officer at Aker ASA.
The Norway-based oil-services company said that Kristian Røkke, who is currently Chairman of Aker Philadelphia Shipyard ASA (AKPS), and previously President & CEO of AKPS, will assume his new position in Akastor ASA on August 10, 2015.
Aker said that it will propose to the nomination committee of Akastor ASA that Frank O. Reite takes the position as Chairman of the Board of Akastor ASA later this year.
“I am very pleased that Kristian has accepted the position at the helm of Akastor. Kristian has been instrumental in the successful turnaround process at Aker Philadelphia Shipyard, as both Chairman and CEO,” says Øyvind Eriksen, Chairman of the Board in Akastor ASA, and CEO of Aker ASA.
He added: “Kristian’s experience, competence and track record will constitute a unique force in Akastor. At the same time, I would like to thank Frank for his efforts in establishing Akastor. Since the split of Aker Solutions last year, Frank and his team have taken the businesses in the portfolio of Akastor to be independent, strong and well-run companies. All of Akastor’s investments are now established with individual boards, management, names and identities, and are well positioned to be developed into attractive investments to its shareholders.”
Kristian Røkke: “It’s a true honor to be able to lead Akastor into the future. While I have great respect for this challenge, Akastor represents a wide-range of exciting opportunities and I am deeply committed to making the most of its potential.”
“I am impressed by what Frank and his team have already put in place in terms of teams, systems and structure, and I am looking forward to building off this by accelerating the pace of progress,” he added.
Frank O. Reite said: “In a short and intense year, we have established a portfolio of strong, independent companies, well positioned to take market share and generate solid returns when the markets return. I am happy to be able to follow Akastor and Kristian closely going forward.”
Further, Aker will propose that Øyvind Eriksen continues as a member of Akastor’s Board and that Kjell Inge Røkke steps down from Akastor’s Board.
According to the company’s statement, Kristian Røkke will have an annual salary of NOK 3.5 million ($430,600), and will take part in the company’s incentive scheme for managers, with a variable pay element of up to 2/3 of his annual salary whereby the variable pay may be settled in either cash or shares in the company. He will also be entitled to participate in Akastor’s standard share purchase program and purchase up to 200,000 treasury shares yearly.
Akastor added that Røkke has experience in offshore service and shipbuilding from several companies in the Aker group.