Earlier this week, Sven Ombudstvedt resigned as president and CEO of Norske Skogindustrier ASA (Norway). Subsequently, the company’s board of directors unanimously appointed Lars P. S. Sperre as interim president and CEO, effective immediately.

Sperre has been employed by Norske Skogindustrier since 2006 and been a member of the corporate management team since 2014. Prior to this appointment, Sperre acted as SVP, corporate strategy and legal. 

The board of directors noted that Sperre is the "natural candidate" for the role as interim president and CEO. Chairman Henrik A. Christensen pointed out that "he knows the industry well and has been highly involved in the group's restructuring and financing processes during recent years, in addition to being instrumental in the development of the current strategy of the board."

Sperre said that "I am very motivated to accept this challenge. Norske Skog has many skilled employees with high competences and drive. 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." 

Sperre received a law degree from the University of Bergen, Norway, in 2002. He previously worked as a lawyer at Wikborg Rein law firm from 2004 to 2006. Through his various roles at Norske Skog during the past 10 years, Sperre acquired extensive knowledge of cost reduction activities, financing, restructuring processes, and business transactions.

 

Christensen added that "the board is very pleased with Lars accepting this challenge. We will, together with the management team, seamlessly continue the work to find the best refinancing solution for the group, further develop Norske Skog's competitive and solid asset portfolio, in addition to realizing the group's growth initiatives. Norske Skog has high debt, but positive cash flow and no bond maturities before December 2019."