Loss-making Norwegian Air has appointed Jacob Schram as chief executive to take ...
) has appointed Jacob Schram as chief executive to take charge of the budget carrier’s ongoing restructuring as it struggles with a low-cost, long-haul model in an overcrowded industry.
Schram, who does not have a background in aviation, joins Norwegian from McKinsey, where he worked as an advisor, Norwegian’s board said on Wednesday. Schram, 57, will be tasked with cutting costs and making the airline profitable again after a breakneck expansion left it with hefty losses and high debts, forcing it to repeatedly ask shareholders for new funds to stave off collapse.
“ extensive management experience from global companies, proven leadership skills, strong commercial consumer orientation and impressive track record of value creation will greatly benefit Norwegian as the company enters into a new phase,” board Chairman Niels Smedegaard said in a statement.
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