Havyard Group’s long-time CEO Geir Johan Bakke will leave the position after 18 years with the company.
The Norwegian shipbuilding and technology group said Bakke and the board have agreed to terminate the employment relationship effective immediately.
Bakke joined Havyard in 2001 and has served as its CEO since 2014. During that time, Bakke has overseen the growth of the company from a standalone shipyard to a fully integrated shipbuilding group with design, shipyards and equipment production, and nearly 600 permanent employees, along with an orderbook of over NOK 4300 million.
“Geir Johan has been incredibly important to the development Havyard Group has been through,” said Vegard Sævik, Chairman of the Havyard Group. “He has shown an impressive commitment to developing the Group, which is of great importance to the communities in which Havyard operates.”
Bakke’s departure comes as Havyard faces major losses on projects at subsidiary Havyard Ship Technology AS, which has resulted in its breaching of covenants set by lenders related to requirements for equity and working capital.
“It has been an amazing journey that I am both grateful and proud to have been a part of. I wish the company good luck for the future,” Bakke said. Both parties have agreed not to comment further on the matter.
Havyard Group’s board has appointed Gunnar Larsen as interim CEO. He will immediately begin the work of recruiting a permanent CEO.
Gunnar Larsen comes formerly held the position of General Manager of the Havyard Production & Service business. He also served as Senior Vice President of Market & Business Development in Havyard Group and has been with Havyard for 12 years.
Bakke said he will be available to participate in the transition if needed.