Image source: Nynas

New Board Directors and interim CEO in Nynas AB

Sweden, Stockholm: Nynas AB president and CEO Bo Askvik has informed the board that he has decided to leave his position after 8 years in the company.

The board has appointed Stein Ivar Bye as interim CEO. Following the recent refinancing, the Nynas CEO Bo Askvik has decided to step down after successfully leading Nynas through sanctions, Covid19, the completed reorganization and now the refinancing.

“It has been a pleasure and a privilege to lead the company during these years and to work with so many dedicated and talented colleagues. I am very proud of what we have achieved together, during these years filled with unprecedented challenges for Nynas. Now is the right time for me to hand over the responsibility of leading Nynas. With the reorganisation finally completed in January and the refinancing concluded in April, Nynas will now start a journey of change to become an even stronger company for the benefit of all stakeholders and society,” says Askvik.

Askvik remains Chairman of the Nynas Foundation “Nynässtiftelsen”, a shareholder in Nynas, and will thereby support the company´s continued development.

Following Askvik’s decision, the Board has commenced the search for a new CEO. Stein Ivar Bye, recently appointed as Chairman of the Nynas Board at the Annual General Meeting, will manage the CEO duties on an interim basis until a permanent CEO has been appointed.

Stein has experience from numerous executive positions in ExxonMobil, was previously the COO at Preem AB, CEO at Essar Oil UK and has been a member of the Nynas board since August 2021.

”It has been a privilege to be a part of the Nynas Board since August 2021 and I feel honoured to be selected as Chairman of the Board and interim CEO. I am looking forward to work with the rest of the Board and Nynas stakeholders in the next chapter of the company. Nynas has proven its resilience in a changing environment close to 100 years. This is a testament to the commitment of the Nynas organisation and I am very excited to be a part of the journey ahead.”, says Stein Ivar Bye.

At the Nynas AB AGM, the following new directors of the board were appointed:

Stein Ivar Bye – new chairman of the board: An independent director bringing thirty years of experience in the downstream industry.

Ewa Björling – new director of the Board: An experienced and professional board member in different companies and industries. Currently she serves as a board member in Essity AB, Biogaia AB (publ), chairman Xolaris AB and Min Doktor AB. Her background is as a minister for trade in the Swedish government 2007-2014.

Christopher Plummer – new director of the board: An experienced investment professional and fundamental credit analyst from Davidson Kempner, with a career covering a broad range of strategies including distressed, performing corporates and real estate.

In the same meeting the following changes were made:

Magnus Wittbom resigns as chairman of the board and Fredrik Lundstrom as director of the board.

Pia Ovrin resigns as employee representative and is replaced by Alireza Saberi.


Source: Nynas