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Norwegian Air Replaces CEO, Forecasts Lower Growth

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Norwegian Air bet its cheap fares would distinguish it from U.S. rivals, but was hit by rising costs and stiff competition

Airline bet its cheap fares would distinguish it from U.S. rivals, but it has been hit by rising costs and stiff competitionNorwegian Air Shuttle ASA, the budget carrier that made a splash with cheap fares between the U.S. and Europe, said founder Bjorn Kjos was stepping down as chief executive, as it reported sharply lower earnings, reduced its growth guidance and took a large accounting charge.

The airline said Chief Financial Officer Geir Karlsen would take the top job immediately until a permanent successor is appointed. Mr. Kjos, who founded the company 17 years ago and has led it as CEO ever since, will serve as an adviser to Chairman Niels...

 

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Norwegian Air CEO Bjørn Kjos Steps Down Immediately​Kjos has been the face and force of Norwegian as it has grown from a small domestic airline with 130 employees and four aircraft to a global carrier that shook up the transatlantic market with low fares.
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