Akastor Names New Chief Executive Officer

Akastor’s board of directors has appointed Karl Erik Kjelstad as its chief executive officer effective January 01, 2018.

Karl Erik Kjelstad has been 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.

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

Kjelstad will succeed Kristian Røkke who will assume the position as chief investment officer of Aker ASA effective January 01, 2018.

Aker ASA will propose to the nomination committee of Akastor the appointment of Kristian Røkke as chairman of the board of Akastor, the company 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,” said Kristian Røkke. “Karl Erik Kjelstad has a strong track record and is the right person to develop Akastor going forward.”

“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,” said Karl Erik Kjelstad.