Akastor has announced that its board of directors has appointed Kristian Røkke as its CEO. Røkke will succeed Frank O. Reite, who will take the position of CFO at Aker.
Røkke, who is currently chairman of Aker Philadelphia Shipyard (AKPS), a US commercial shipyard, and previously president and CEO of AKPS, will assume his new position in Akastor on 10 August 2015.
Aker will propose to the nomination committee of Akastor that Frank O. Reite takes the position as chairman of the board of Akastor later this year.
Further, Aker will propose that Øyvind Eriksen continues as a member of Akastor’s board and that Kjell Inge Røkke steps down from Akastor’s board. The nomination committee has been informed of Aker’s planned proposal and will discuss it at its earliest convenience.
Røkke will have an annual salary of US$429,018 (NOK 3.5 million), and will take part in the company’s incentive scheme for managers, with a variable pay element of up to two-thirds of his annual salary whereby the variable pay may be settled in either cash or shares in the company. He will also be entitled to participate in Akastor’s standard share purchase program and purchase up to 200,000 treasury shares yearly. Further, Røkke will be entitled to an additional purchase in 2015 of up to 200,000 Akastor shares, on or about after 20 trading days following his employment in Akastor at a share price equal to the average market price during the last 20 days of trading, less a discount of 20%. The shares will be subject to a three-year lock-up period. All the share purchases by Røkke may be done either personally, or through a wholly owned company. Røkke does not currently own any shares in Akastor.
Røkke, has experience in offshore service and shipbuilding from several companies in the Aker group. He has spent the past eight years at AKPS, most recently as chairman of the board and previously as president and CEO. Before then, Røkke served as senior vice president operations and has held other production management positions at AKPS. Røkke will continue as chairman of AKPS and as a board member of TRG Holding , American Shipping Co. and Philly Tankers. Røkke holds an MBA from The Wharton School, University of Pennsylvania and is both a Norwegian and United States citizen.
Image: Logo/Akastor
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