Norwegian Air Shuttle cofounder and CEO Bjørn Kjos is relinquishing control of the company he has headed for the past 17 years, effective immediately
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“I am confident that the Board of Directors will find the best qualified successor to lead the next chapters of the Norwegian story together with the top management team. Leaving the exciting future tasks to a new CEO and taking on a new challenge as an advisor, is a set-up I am very happy with. I look forward to spending more time working on specific strategic projects that are crucial to the future success of Norwegian,” said Kjos.
Net profit plunged 75% from a year ago to 73.2 million Norwegian kroner in the second quarter. The company lowered its forecast for growth in available seat kilometers to between 0% and 5% for 2019, down from 5% to 10% growth. The airline temporarily suspended operation of 18 Boeing MAX 8 aircraft in March of this year, and has worked to limit passenger disruptions by combining flights, rebooking passengers and making wetlease arrangements where necessary.Norwegian has been pivoting away from a growth strategy and prioritizing a return to profitability since 2018, by optimizing routes and through an ongoing cost-reduction program #Focus2019.
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