Aker gets cracking with shake-up
Norwegian industrial group Aker has unveiled a corporate reshuffle which sees chief financial officer Bengt Rem leave the company and Karl Erik Kjelstad named executive vice president and member of Aker Solutions' executive management team.
Rem is leaving to take up a position with Arctic Securities and will leave Aker once a new chief financial officer is appointed.
Meanwhile, Kjelstad will lead the development of the strategic initiative related to oilfield services and the company‘s fleet of marine vessels, the group said in a statement.
The group also said it had implemented key components of the planned reorganisation of its investments.
Aker’s ownership stakes in several of its financial portfolio companies have now been transferred to investment fund, Aker Capital Fund.
The stakes now held by Aker Capital Fund include Aker’s 64.9% holding in Aker Seafoods, 100% of Aker Ocean Harvest and 39.9% in Bjorge.
The transfer of other stakes, including Aker's 72.3% slice of Aker Floating Production and the American Shipping Company bond loan are in train and should be completed in the second half of the year.
Aker added that the Oslo Stock Exchange has granted it an exemption from rules that would otherwise require it to offer to buy out non-Aker shareholders in regards to the transfer of the shares of Aker Seafoods, Aker Floating Production, Aker Philadelphia Shipyard, and Bjorge.
The investments in Aker Capital Fund will be subject to follow-up by a dedicated management team of the newly established company Converto Capital Management.
Aker will hold 90% of Converto Capital Management, with Frank Reite, who will be its managing partner in charge of day-to-day operations, holding the remainder.