The board of directors has appointed Lars P. S. Sperre as interim President and CEO of Norske Skogindustrier ASA with immediate effect.
Yesterday, Sven Ombudstvedt has resigned as President and CEO of Norway's publication paper manufacturer Norske Skog. According to the company, the resignation had immediate effect and the board of directors appointed Lars P.S. Sperre interim President and CEO of Norske Skog.
"I am certain that we together will solve the challenges and bring the potential of the group to fruition. Norske Skog's operations and cash flow are good, the debt level is, however, too high and too much cash flow is consumed by interest payments instead of being reinvested in the group," said Lars P. S. Sperre in the yesterday's release.
Last Friday, Norske Skog had informed that Sven Ombudstvedt was continuing as President and CEO of the company. The board of directors had discussed Ombudstvedt's position following the sale of his shareholding in the company on 26 April, but had determined that he had followed applicable law and the company's guidelines.