The top manager of a listed Norsk Solar company goes to work

Øyvind L. Vesterdal is stepping down as general manager of solar power company Norsk Solar today, May 16, according to a statement from the company. Torbjørn Elliot Kirkeby-Garstad takes over as CEO on the same day.

Vesterdal helped start Norsk Solar in 2017 and is the company’s third largest shareholder. He has served as CEO since the company’s inception. Now he has chosen to step down as the company prepares for its “next phase of growth.”

Vesterdahl will be in an advisory role until the end of August to assist with the major transition process.

– Do my part

– I am pleased to announce that Torbjørn is the new Managing Director. I have done my part in this fine company and after a careful dialogue with the board of directors, I am proud to be able to hand over the reins to a suitable successor, says Vesterdal in a stock exchange announcement.

Kirkeby-Garstad has 16 years of experience as an industrial investor in renewables in the energy industry.

– We are certain that Torbjørn is the right person to lead Norsk Solar into the next chapter of the company’s growth story, says Chairman Pål S. Valseth in the letter.

Vesterdal isn’t the only one to step away from senior management in the past year.

In June last year, the company announced that Chief Financial Officer Helga Cutgrove had resigned to become Chief Financial Officer at another company. Cinder Stöfner has taken over as interim Chief Financial Officer. But he left on the eve of last year. However, he was to continue as interim president during a transitional period – or until March 31, 2023.

inventory breakdown

Norsk Solar, founded in 2017, builds, owns and operates solar power plants for commercial and industrial players in emerging markets. The company has projects in Vietnam, Brazil, Pakistan and Ukraine, among others.

Last year, the company had revenue of NOK 14 million and a loss of NOK 67 million before tax.

So far this year, Norsk Solar’s share price is down 36 percent. Since the company went public in the spring of 2021, the share price has fallen by more than 70 percent.

(conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We’d like you to share our statuses using links that lead directly to our pages. Reproduction or other use of all or part of the Content may be made only with written permission or as permitted by law. For more terms see here.