Norwegian Air's Bjoern Kjos stepped down on Thursday as chief executive of ...
) Bjoern Kjos stepped down on Thursday as chief executive of the airline he co-founded and turned into Europe’s third-biggest budget carrier by passenger numbers over more than 25 years.
The airline has shaken up the long-haul market with cut-price transatlantic fares, but its rapid expansion has left it with hefty losses and high debts and it had to raise 3 billion crowns from shareholders earlier this year. “I think I can do a better job for Norwegian taking up a role building up an alliance as we see it,” Kjos told Reuters on the sidelines of a news conference. He added that he hoped Norwegian could find other partners to build similar alliances such as the existing agreement with easyJet .
Kjos owns 17.2% of the company via the HBK Invest holding he controls with former Norwegian Air chairman Bjoern Kise. The jets have been grounded worldwide since March following two fatal crashes and Norwegian Air has said the disruption could scupper its plans to return to profitability this year. On Thursday it said they would cost the company 700 million crowns in 2019.
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