ENGINEERING and construction group Kvaerner, has appointed a new president and chief executive.
The Anglo-Norwegian firm, which employs 1,500 staff on Teesside, has appointed Kristian Siem, 51, to replace Kjell Almskog who resigned on Wednesday, the day the company staved off bankruptcy.
Kvaerner has agreed a long-term rescue plan, involving a new shares issue, and the rescheduling of loans until the end of 2004, to keep it afloat.
Mr Siem has been a director of the Kvaerner board since May. He is chairman of Siem Industries, an international company that includes offshore and onshore oil and gas drilling and subsea construction interests in Norway and the US.
He is on the board of several Norwegian and international companies.
Kvaerner chairman Harald Arnkvaern said: "Kristian Siem is an astute industrial leader - and will take up this full-time executive role with immediate effect. He has committed to serve in this position for as long as his services can be of benefit during this important transitional period."
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