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Akastor appoints new CEO

Røkke succeeds Frank O Reite, who moves to Aker ASA as chief financial officer.

Røkke is currently chairman of Aker Philadelphia Shipyard ASA (AKPS) and previously served as president & CEO of the US commercial shipyard. He will assume his new role at Akastor on 10 August 2015.

“Kristian’s experience, competence and track record will constitute a unique force in Akastor. At the same time, I would like to thank Frank for his efforts in establishing Akastor. Since the split of Aker Solutions last year, Frank and his team have taken the businesses in the portfolio of Akastor to be independent, strong and well-run companies. All of Akastor’s investments are now established with individual boards, management, names and identities, and are well positioned to be developed into attractive investments to its shareholders,” said Øyvind Eriksen, chairman of the Akastor board and CEO of Aker ASA.

“It’s a true honour to be able to lead Akastor into the future. While I have great respect for this challenge, Akastor represents a wide-range of exciting opportunities and I am deeply committed to making the most of its potential,” said Røkke. “I am impressed by what Frank and his team have already put in place in terms of teams, systems and structure, and I am looking forward to building off this by accelerating the pace of progress.”

Røkke holds an MBA from The Wharton School, University of Pennsylvania and is both a Norwegian and US citizen.

Aker ASA will propose to Akastor’s nomination committee that Reite takes the position of chairman of the Akastor board later this year.

The Akastor portfolio of stand-alone businesses includes MHWirth, a provider of drilling solutions and services, including pumps, to the oil and gas industry, and separation technology specialist Fjords Processing.