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Aker Kværner Appoints New President and CEO, Considers Name Change
01/23/2008 - Aker Kværner ASA appoints Simen Lieungh at the company’s new President and CEO, and will nominate Martinus Brandal as the new Chairman of the Board.
Aker Kværner ASA has appointed Simen Lieungh at the company’s new President and CEO. The company said that Martinus Brandal would be nominated as Aker Kværner’s new Chairman of the Board.
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In a separate announcement, Aker Kværner said that its Board of Directors had resolved to propose to the annual general meeting that the company changes name to Aker Solutions ASA.
During 2007 a long-term and stable ownership structure was established for Aker Kvaerner, as more than 40 percent of the shares in the company were transferred from Aker to Aker Holding, a holding company controlled by Aker. The owners of Aker Holding have mutually agreed that the company will keep its Aker Kvaerner shares for at least ten years.
"We found the time right to change our name and clarify our close ties with other companies in the Aker family," said President & CEO Martinus Brandal. "The new name, Aker Solutions, represents a simplification and strengthening of our corporate identity, and it outlines our offering of comprehensive industrial solutions."
The proposed name change is subject to approval at the company’s ordinary annual general meeting April 3, 2008. The board of Aker Holding has already discussed and concluded in favor of the proposed name change.
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"We are very pleased that Simen has decided to return to Aker Kvaerner and take over the helm of the company. His solid industry background and strong leadership experience will strengthen the development and delivery of our high quality industrial solutions," says Leif-Arne Langøy, Chairman of the Board of Aker Kværner ASA and Chairman & CEO of Aker ASA.
Lieungh most recently served as Managing Director at Arne Blystad AS, and has held several positions within Aker Kvaerner from 1988, later serving as Executive Vice President of Field Development from 2002 to August 2007. His considerable experience with large field development projects covers all phases from conceptual studies to project execution. He is a graduate of the Norwegian University of Science and Technology.
Lieungh will succeed Martinus Brandal as President & CEO. Brandal will be nominated as new Chairman of the Board of Aker Kværner ASA, and has been appointed Executive Vice President responsible for the Energy Technologies sector in Aker ASA.
"We are grateful for Martinus' outstanding commitment and contribution to Aker Kvaerner's success. We look forward to welcoming him back to Aker ASA. In his new role, he will have a special focus on business development in the Energy Technologies sector. As the new Chairman of Aker Kvaerner's Board, he will work closely with the Aker Kvaerner management team and ensure continuity," says Leif-Arne Langøy, Chairman of the Board.
