Moreld recruits a new CEO

PRESS RELEASE
Release date: 16:00 April 2nd, 2020

Moreld recruits a new CEO

Geir Austigard (52) takes over as CEO of HitecVision’s industrial conglomerate, Moreld.

“In Geir, we have found the perfect CEO”, says case responsible partner Atle Eide from HitecVision. Atle Eide, together with a team from HitecVision, has developed the framework behind Moreld and now leaves to Geir Austigard and the entire management of Moreld, the task of refining the long-term strategy for the group and implementing the plans that will ensure Moreld’s position as a leading Norwegian industrial conglomerate.

Moreld’s headquarters will be in Stavanger and Austigard will take up his position before September 1st.

Geir Austigard is currently the CEO of Øglænd System. He holds an MSc in petroleum engineering, lives in Sola, and has held various positions in Øglænd System since joining in 1999. Before Austigard joined Øglænd, he worked for Shell, the international oil and gas company. Austigard has also chaired the regional chapter of industry association Norsk Industri and was a central spokesperson for Rogaland’s industrial sector from 2011 to 2017. Today, he is deputy chairman of the national board of Norsk Industri.

Austigard has led the Øglænd System group through a period of impressive growth and development, turning the company into a leading international player within its market, with operations including manufacturing in 13 countries.

During his leadership, Øglænd System has had various owners. Over time, the group has gone from being a locally owned company, where amongst others the Austigard family was a principal owner, through a period of partial private equity ownership, to now being a part of Hilti, a giant industrial conglomerate.

“Austigard’s experience in building a company originating from Norway into a global company, his understanding, and comprehensive network within oil companies, major engineering companies and shipyards around the world, will contribute to Moreld’s growth and development. In addition, his international experience will be a key factor in supporting Moreld’s global expansion” states Atle Eide who continues to say, “We will have a CEO who has shown that he can shape and lead international and profitable growth within a complex organization.”

“It is also a major advantage that we now have a leader who understands differing ownership structures” says Eide, who adds, “knowledge of such ownership will be a strength when Moreld continues to grow in the future through further acquisitions and mergers.”

Geir Austigard comments that the current coronavirus pandemic and low oil prices create short-term challenges for every supplier, including Moreld, but adds: “Through a life in the oil and gas industry; both on the oil company side and now for many years within the service sector, I know that
things can go up and down. In downturns, it is important to have a meticulous focus on cost adjustments, without losing sight of the company’s core competencies, industrial strategy, and the value it can offer. Close dialogue with management across all levels, and not least union representatives, always creates a strong foundation for getting through challenging periods. I am confident that Moreld has the best conditions to succeed, both because of the quality of the companies as well as the strong ownership supporting it.”

“I’m looking forward to getting started”, concludes Austigard.

Contacts:
Atle Eide, Senior Partner, HitecVision, +47 91152977

Geir Austigard, Incoming CEO, Moreld AS, +47 99247500