Nortek Gears for Growth with New CEO

Norwegian acoustic doppler technology developer Nortek has appointed Finn Ivar Marum as its new CEO.

After over two decades at the helm of Nortek, Atle Lohrmann is taking on new challenges at newly started Hefring Engineering in Boston.

Lohrmann will continue as Nortek’s chairman of the board.

“I am not retiring! Quite the contrary,” says Lohrmann. “From now on, my main focus will be on developing Hefring Engineering here in Boston to become a viable provider and partner in the US market.”

The first project Hefring Engineering is focusing on is to develop a small and efficient glider to help researchers cover more of the ocean in a single mission. This will be achieved by building on the know-how and competence developed at Nortek over its 23-year history.

Finn Ivar Marum was previously a senior partner at private equity investor HitecVision and most recently an executive vice president at Norfund – The Norwegian Investment Fund for Developing Countries. He has also served as chairman of the board at Nortek for the past seven years.

“Finn Ivar Marum brings with him new types of competences that are more relevant for our organization as Nortek continues to grow,” states Lohrmann.

Nortek said it is entering into several new market segments and aims to more than double its turnover in the coming five years, and needs to be prepared to handle this growth.

Lohrmann adds: “A full-scale management team is now in place at Nortek, and this will help us make sure that we are still able to uphold what have been Nortek’s strengths, even as the organization becomes larger.”

Finn Ivar Marum, said: “Our products contribute to an increased understanding of the ocean and help us better utilize its resources. Nortek plays a key role in developing this important knowledge and is instrumental in solving some major issues,” he explains.

“We will continue to prioritize the needs of our customers and users by always trying to be one step ahead in technological development and imagining what our customers will need even before they ask. We see ourselves as a company that challenges the status quo, and will continue to do so in the future.”