AKER STRENGTHENS MANAGEMENT, APPOINTS KJELSTAD
Aker has grown significantly. A little over two years ago, the Group had two exchange-listed subsidiaries. Today, Aker is the largest shareholder of eight listed companies. In recent months, the Group has sought to strengthen its management team by bringing an additional one or two seasoned professionals on board.
- We are an active industrial owner, intensively engaged in the strategic development of companies in Aker, with new projects under development at all times. Kjelstad will play a central role in establishing, follow-up, and further developing Aker companies, says Leif-Arne Langøy, Aker ASA`s Chairman and CEO.
Karl-Erik Kjelstad (41) has helped build Aker Yards since 1998. For the past five years, he has served as Aker Yards` President and CEO. Under his leadership, Aker Yards has grown considerably, from annual revenues of approximately NOK 12 billion to some NOK 35 billion. The market value of Aker Yards shares has increased more than five-fold since the company was listed on the Oslo Stock Exchange in 2004.
- I have known Kjelstad for a number of years. He is innovative, builds successful businesses, and is extremely knowledgeable about the international maritime industry. These strengths are important to Aker`s further development, Langøy comments.
Aker was Aker Yards` largest shareholder until March 2007, at which time Aker sold its remaining 40 percent ownership interest in the shipbuilding group. Now Aker is a customer, with several major vessel projects to be built by Aker Yards.
- The promotion of Yrjö Julin to succeed Kjelstad as Aker Yards` President and CEO demonstrates the quality and capacity at Aker Yards, says Langøy in reference to the shipbuilding group`s strategic, systematic efforts over a number of years to develop talented leaders to run the rapidly developing organization. Mr. Julin was Executive Vice President of Aker Yards, heading the Cruise & Ferries business area, before becoming President and CEO.
For further information, please contact:Geir Arne Drangeid, Group EVP, Aker ASA, tel: + 47 24 13 00 65