Aker Kvaerner changes its name, and CEO

London - Aker Kværner ASA's board of directors has agreed to change the company name to Aker Solutions ASA subject to approval at it next annual general meeting, the company has announced.

During 2007, a long-term and stable ownership structure was established for Aker Kvaerner, as more than 40% of the shares in the company were transferred from Aker to Aker Holding, a holding company controlled by Aker, explained a 22 Jan press statement. The owners of Aker Holding, it added, have mutually agreed that the company will keep its Aker Kvaerner shares for at least ten years.

"With this clarification of ownership and the many business opportunities we see ahead in the interface between Aker Kvaerner and other Aker companies, we found the time right to change name and clarify our close ties with other companies in the Aker family," said president & CEO Martinus Brandal. "The new name, Aker Solutions, represents a simplification and strengthening of our corporate identity, and it outlines our offering of comprehensive industrial solutions."

In a separate statement, Aker Kvaerner announced that Simen Lieungh had been appointed new president & CEO of Aker Kvaerner starting in March this year. Lieungh, who joins from the position as managing director at Arne Blystad AS, is a former Aker Kvaerner executive vice president and 20-year company veteran. He is to succeed Brandal, who is to be nominated as the company's new chairman, and has been appointed executive vice president responsible for the Energy Technologies sector in Aker ASA.

"I look forward to becoming the first president & CEO of Aker Solutions," said Lieungh. "In a way the new name also marks a symbolic conclusion to the highly successful integration of Aker and Kvaerner, which started in 2002."