Olav Fjell
Encyclopedia
Olav Fjell is a Norwegian
businessperson and chief executive officer
of Hurtigruten Group
since 2007. From 1999 to 2003 he was CEO of Statoil
.
degree from the Norwegian School of Economics in 1975 as well as education from the Royal Norwegian Army
. His career started as an accountant at Kongsberg Vaabenfabrik
in 1975 where he stayed until 1987, by which time he had become Vice President. He had a continual employment in Bergen Bank
, Den norske Bank
and finally as CEO of Postbanken
until he was hired as CEO of Statoil in 1999. After quitting in Statoil in 2004 he worked as a strategic and financial adviser for First Securities. He has also had a number of board positions
, including Chairman of the Norwegian State Railways from 2000 to 2003, in Eastern Drilling
, Lindorff and is currently board member of Statkraft
as well as Chairman of Deep Sea Supply
.
. In his last period as CFO
in Kongsberg he had massive problems internally because of the company's economic fall and felt that the press was excessive and critical. As in 2003 with the Statoil corruption case
in Iran it was Dagens Næringsliv
that led the critical journalism. It ended with him being decommissioned from his position with Kongsberg.
Fjell was central in the corruption scandal that Statoil experienced in 2003. After pressure both internally and from the media the board had to remove Fjell on the evening of 22 September 2003. Statoil was fined for corruption from the Norwegian National Authority for the Investigation and Prosecution of Economic and Environmental Crime. Despite the seriousness of the case and the weakening of the name of Statoil, Fjell was according to the media given a compensation between NOK 7.5 and 10 million. In addition he sued Statoil with demands for early pension from 60 years equal to 66% of his wage. Statoil denied this agreement, though it was mentioned in the press release at the time of Fjells departure. In December 2005 Fjell won the court case, and he can expect payments from Statoil up to about NOK 40 million.
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
businessperson and chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Hurtigruten Group
Hurtigruten Group
Hurtigruten Group is a Norwegian transport corporation with headquarters in Narvik, Norway. The group provides services within bus transport, car ferry transport, tourism in addition to operating the Coastal Express along the Norwegian Coast...
since 2007. From 1999 to 2003 he was CEO of Statoil
Statoil
Statoil ASA is a Norwegian petroleum company established in 1972. It merged with Norsk Hydro in 2007 and was known as StatoilHydro until 2009, when the name was changed back to Statoil ASA. The brand Statoil was retained as a chain of fuel stations owned by StatoilHydro...
.
Career
Fjell has a siv.øk.Siviløkonom
Siviløkonom is an academic degree issued within the field of business administration and economics and a professional title in Norway , obtained after 5 years of studies...
degree from the Norwegian School of Economics in 1975 as well as education from the Royal Norwegian Army
Norwegian Army
Norway achieved full independence in 1905, and in the first century of its short life has contributed to two major conflicts, the Cold War and the War on Terror. The Norwegian Army currently operates in the north of Norway and in Afghanistan as well as in Eastern Europe. The Army is the oldest of...
. His career started as an accountant at Kongsberg Vaabenfabrik
Kongsberg Gruppen
Kongsberg Gruppen is Norway's major defence contractor and maritime automation supplier, located in Kongsberg, a former mining town....
in 1975 where he stayed until 1987, by which time he had become Vice President. He had a continual employment in Bergen Bank
Bergen Bank
Bergen Bank was a Norwegian commercial bank in existence between 1975 and 1990. It was created as a merger between Bergens Privatbank and Bergens Kreditbank while the bank Kvam Privatbank was acquired in 1979. In 1988 it bought Nevi. Bergen Bank, which was based in Bergen, Norway, merged with Den...
, Den norske Bank
Den norske Bank
Den norske Bank or DnB was a Norwegian bank that existed between 1990 and 2003 when it merged with Gjensidige NOR to form the present DnB NOR...
and finally as CEO of Postbanken
Postbanken
Postbanken is a Norwegian bank that is part of the DnB NOR Group. The bank offers its services through the Norwegian post offices.-History:...
until he was hired as CEO of Statoil in 1999. After quitting in Statoil in 2004 he worked as a strategic and financial adviser for First Securities. He has also had a number of board positions
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
, including Chairman of the Norwegian State Railways from 2000 to 2003, in Eastern Drilling
Eastern Drilling
Eastern Drilling is a Norwegian offshore oil rig owner. The company has orders with Samsung Heavy Industries to deliver two Moss Maritime semi-submersible drilling rigs with delivery in 2008. The rigs will be operated by SeaDrill. Eastern Drilling has its headquarters in Grimstad, Norway.As of...
, Lindorff and is currently board member of Statkraft
Statkraft
Statkraft is a Norwegian state owned electricity company. With a total energy production of 44.9 TWh in 2007, the Statkraft Group is the third largest energy producer in the Nordic region, as well as the largest energy producer based on renewable energy sources in Europe,consisting of 40% of the...
as well as Chairman of Deep Sea Supply
Deep Sea Supply
Deep Sea Supply is an international operator of offshore supply vessels. It operates nine anchor handling tug supply vessels and two platform supply vessels . 17 ships are under construction...
.
Controversy
As a controversial businessperson, Fjell has had a strained relationship with the pressMass media
Mass media refers collectively to all media technologies which are intended to reach a large audience via mass communication. Broadcast media transmit their information electronically and comprise of television, film and radio, movies, CDs, DVDs and some other gadgets like cameras or video consoles...
. In his last period as CFO
Chief financial officer
The chief financial officer or Chief financial and operating officer is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management...
in Kongsberg he had massive problems internally because of the company's economic fall and felt that the press was excessive and critical. As in 2003 with the Statoil corruption case
Statoil corruption case
The Statoil corruption case refers to Norwegian oil company Statoil’s misconduct and extensive use of corruption in Iran in 2002/2003 in an attempt to secure lucrative oil contracts for the company in that country...
in Iran it was Dagens Næringsliv
Dagens Næringsliv
Dagens Næringsliv, commonly known as DN, is a Norwegian tabloid specializing in business reporting with a claimed daily circulation of 82,775 copies in 2008, making it the 8th largest newspaper in Norway. The editor in chief is Amund Djuve. Its name is Norwegian for "Today's Business".Originally...
that led the critical journalism. It ended with him being decommissioned from his position with Kongsberg.
Fjell was central in the corruption scandal that Statoil experienced in 2003. After pressure both internally and from the media the board had to remove Fjell on the evening of 22 September 2003. Statoil was fined for corruption from the Norwegian National Authority for the Investigation and Prosecution of Economic and Environmental Crime. Despite the seriousness of the case and the weakening of the name of Statoil, Fjell was according to the media given a compensation between NOK 7.5 and 10 million. In addition he sued Statoil with demands for early pension from 60 years equal to 66% of his wage. Statoil denied this agreement, though it was mentioned in the press release at the time of Fjells departure. In December 2005 Fjell won the court case, and he can expect payments from Statoil up to about NOK 40 million.