Monday, May 8, 2017 11:15 am

Two days after Norske Skog said he was staying, it was announced that Sven Ombudstvedt has resigned as president and CEO of the company. The Norwegian company said the resignation was immediate and the board of directors has appointed Lars P.S. Sperre interim President and CEO of Norske Skog.

"I am certain that we together will solve the challenges and bring the potential of the group to fruition. Norske Skog's operations and cash flow are good, the debt level is, however, too high and too much cash flow is consumed by interest payments instead of being reinvested in the group," Sperre said in a press release.

This past Friday, Norske Skog had announced that Ombudstvedt was continuing as president and CEO of the company. The board of directors had discussed Ombudstvedt's position following the sale of his shareholding in the company on 26 April, but had determined that he had followed applicable law and the company's guidelines.