Jon-Aksel Torgersen is stepping down as chief executive of Norwegian shipping group Astrup Fearnley after 26 years.
Even Matre Ellingsen, the present chief executive of Fearnley Securities, will be his successor.
Torgersen, who will remain as a senior adviser to the board, was described as a strong leader by Hans Rasmus Astrup.
“His dedication, loyalty, industry competence, deep understanding of the firm’s businesses, and ability to create a commercially engaging culture has defined his tenure,” added Astrup.
Torgersen has spent over 40 years with Fearnleys and was a rig broker in the 1980s.
As chief executive he has been instrumental in the growth of the group, notably into the finance arena with Fearnley Securities and Fearnley Finans.
His offshore roots are reflected in the chairmanship of Fearnley Offshore Supply, a position he is expected to retain.
Jan Hakon Pettersen, chairman of Astrup Fearnley, explained Torgersen will turn 67 in February and was leaving following the end of his contract.
"This is a very friendly change and a natural evolution," Pettersen told TradeWinds, noting he would continue to call on the experience of the "very loyal" Torgersen.
Pettersen said in a statement the board had been deeply engaged in the succession planning process and was confident that Ellingsen will build off the firm’s strong financial and commercial position.
“His drive, focus on our clients and effective management skills will be critical strengths as he leads Astrup Fearnley in the years to come,” Pettersen said.
“Even is the right person to lead Astrup Fearnley. During his tenure at Fearnley Securities he has delivered strong commercial growth, a client focused strategy and significantly contributed to our culture.
“Through the talent of our people worldwide and the legacy of our firm, Astrup Fearnley is poised to realize the next stage of growth under Even’s leadership.”
Ellingsen has headed Fearnley Securities since 2012 and will take up his new position on 31 March next year. His own successor has yet to be found.
Founded in 1869 Astrup Fearnley is a leading provider of shipping, offshore and financial advisory, research and brokerage services.
Today it has 13 offices in 10 countries employing 350 people.
