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Can New Norwegian Air CEO Jacob Schram Fly The Airline To Profit?

With more than 11,000 employees and millions of passengers worldwide, new Norwegian CEO Jacob Schram is confident about the airline’s future.

Taking command of the fleet from interim CEO Geir Karlsen and the retired CEO Bjørn Kjos, Norwegian Air’s Board of Directors appointed Schram as the new CEO, effective January 1, 2020.

Temporary CEO since Kjos’ retirement in July, Geir Karlsen will continue as CFO and Deputy CEO.

787 reflection, new norwegian air ceo profitability plan
A Norwegian Air B787 reflected in a Nordic airport tarmac water puddle. Photo: Norwegian Air.

The business philosophy of the New Norwegian Air CEO

Jacob Schram said,

“Norwegian has made aviation history and I am honored to take on the role as CEO. The airline industry is characterized by strong competition and unforeseen events, but it is also an industry that is important to people everywhere. I look forward to using my experience to build on the strong foundation laid down by Bjørn Kjos, Geir Karlsen and the rest of the talented and dedicated Norwegian team. Now, my main focus will be to bring the company back to profitability and fortify the company’s position as a strong international player within the aviation industry.”

Based on what Mr. Schram said, Bjørn Kjos’ great long-term vision for Norwegian Air should be carried forward, which philosophy could best ensure profitability down the line for the airline.

Features of the Norwegian Air Boeing 787. Video” Norwegian Air/YouTube.

What makes Jacob Schram qualified to lead the airline?

A turn to profitability is critical for Norwegian. The Board of Directors carefully evaluated the best person for the job of navigating Norwegian Air into smooth air. The choice fell on Jacob Schram.

CEO Schram is 57 years old. He brings on board 30 years of management experience from miscellaneous large companies.

His roles in management have included serving Circle K, McDonald’s, Statoil Fuel & Retail (SFR), and Senior Advisor at McKinsey.

Schram was in charge of the role of getting Norwegian oil giant SFR listed on the Norwegian Stock Exchange in 2010.

Couche-Tard acquired SFR in 2012 when Schram was the Group President for Europe. Schram held the position until 2018.

Significant accomplishments that Schram achieved at Circle-K include the initiation and leading of the global rebranding to Circle K. The project involved more than 10,000 stores across Couche-Tard’s international network and service stations.

Furthermore, Schram is the author of the book “The Essence of business”.

Lately, he has worked with private investments, start-ups, and presentations related to his book and the topic “Future mobility 2030”.

Schram has a Master’s degree in Economics, which he acquired from Copenhagen Business School, Denmark. He is a citizen of Norway.

Norwegian Air’s Net Losses

The airline endured a net loss of USD168.6 million in 2018. In 2017 the losses were bigger, at USD219.2 million. Norwegian will be reporting its results for 2019 in February of 2020.

Comments

What do you think about Norwegian’s decision to hire Jacob Schram as their new CEO? Does Norwegian have a path to profitability? What does the future hold for the airline? Should you have any comments or opinions about the story please send us your note here.

Featured Image: Norwegian CEO Jacob Schram. Photo: Norwegian Air.

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