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In a statement issued today (2 December), the company said that Geir Johan Bakke and the board ‘have agreed to terminate the employment relationship,’ and will be making no further comment on the matter.

Geir Johan Bakke joined the Norwegian company in 2001, and has been CEO since 2004. He has been instrumental in the development of the group from being a standalone shipyard to an integrated company with design, shipyard and equipment skills and an order book of over NOK 4,300 million.

In October, Havyard gave notice of a breach of new covenants in relation to requirements for equity and working capital due to further losses on five battery-powered ferries under construction for Norwegian operator Fjord1.

In a notice posted on the Olso Bors last month it was also announced that the Havyard Group would not be announcing financial reporting for Q3 2019.

Announcing Bakke’s departure, the company said he had ‘stated his willingness to be available to the company for some time to come if needed.’

Gunnar Larsen, General Manager of the Havyard Production & Service business segement, has been appointed as interim CEO and he will begin the search to recruit a permanent CEO.

In mid-November, Havyard announced that Lasse Stokkeland has decided to leave his position as general manager of Havyard Ship Technology, with Erlend Hatleberg being appointed to replace him.

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