Wilhelmsen finance executive Morten Lertro has died after a long illness, the Norwegian shipping group has announced.
Lertro joined the group in 2009. He was most recently chief financial officer of investment company Treasure, as well as managing director of Wilhelmsen Maritime Services and head of treasury at Wilh Wilhelmsen Holding.
"It is with deep sorrow we announce that Morten Lertro, our CFO, has passed away after battling cancer the past 19 months," said Treasure chairman Thomas Wilhelmsen said.
"He was a valued professional and colleague, and will be deeply missed," he added.
Treasure chief executive Magnus Sande will fill in as both chief executive and chief financial officer until further notice, the company said.
Treasure is 73.5%-owned by Wilhelmsen. The company in turn holds an 11% stake in South Korean car carrier owner Hyundai Glovis.
Before joining Wilhelmsen, Lertro was senior portfolio manager at Generali Investments Deutschland between 2002 and 2008 and portfolio manager at Norwegian transport company AS Toluma from 1996 to 2002.
Treasure's profit in the first half of 2021 was $76m, against a loss of $167m in the same six months of 2020.
This reflected the revaluation of the shareholding in Hyundai Glovis as well as US dollar fluctuations against the Norwegian currency.
Treasure said the financial impact of a return to a post-coronavirus operating environment will be uncertain across the full value chain of light vehicles production and logistics.
"However, the wider Hyundai group is committed to its strategic shift towards modern, fuel-efficient and low-carbon emission through its updated model range, which should support its competitive position," the company added.
