Norwegian Jacob Schram is to take over as the company’s CEO from January 1st, the airline confirmed in a message to the Norwegian stock exchange and reported by business media E24.

Acting CEO Geir Karlsen is to step down.

The appointment of Schram is the first major move by the company’s Danish chairman of the board, Niels Smedegaard, who took over in April.

Schram has 30 years of experience with companies including Circle K, Statoil, McDonald's and McKinsey.

“His comprehensive managerial experience from global companies, clear customer orientation and ability to create value is exactly what Norwegian needs, now that the company is now entering a new phase in which growth is slowing down and we must focus on profitability,” Smedegaard told E24.

Norwegian has previously tried to raise money by selling aircraft and has also advised its shareholders that sales of new shares may be necessary.

The company also wants to operate fewer, but fuller departures, with a plan to put ten percent fewer tickets on sale next year.

In addition to its own problems, Norwegian has been affected by the fact that it has 18 Boeing 737-MAX aircraft, currently under a flight ban after two major aviation tragedies involving the model.

The various measures appear to have helped the company somewhat, having posted its the best-ever quarterly results ever in the third quarter of this year.

Those accounts show that the low-cost carrier has also begun to raise its prices.

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