Loss-making Norwegian Air has appointed Jacob Schram as chief executive to take ...
) has appointed Jacob Schram as chief executive to take charge of the budget carrier’s restructuring as it struggles with a low-cost, long-haul model in an overcrowded industry.
Schram, who does not have a background in aviation, joins Norwegian from management consulting company McKinsey and was previously a top executive in the petrol retail industry, Norwegian’s board said on Wednesday. Schram, 57, will be tasked with cutting costs and making the airline profitable again after the breakneck expansion left it with hefty losses and high debts, forcing it to repeatedly ask shareholders for new funds to stave off collapse.
“Petrol retailing is not the aviation industry, but it’s still a tough business that’s gone through restructuring,” Schram said at a news conference.
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