Akastor ASA said its board of directors appointed Karl Erik Kjelstad as its chief executive officer effective from 1 January 2018.
Kjelstad will succeed Kristian Røkke who will assume the position as chief investment officer of Aker ASA on 1 January 2018, the company said. Aker ASA said it will propose to the nomination committee of that Røkke is appointed as chairman of the board at the next annual general meeting.
"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 over the coming years," said Røkke. "Karl 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 Kjelstad.
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 Aker group, including EVP of Aker Solutions and CEO of Aker Yards ASA in 2003-2007.
Kjelstad holds an MSc in marine engineering from the Norwegian University of Science and Technology (NTNU) and an Advanced Management Program from Harvard Business School.