Olav Fjell
Olav Fjell | |
|---|---|
| Born | June 28, 1951 Norway |
| Occupation | Business executive |
| Years active | 1975–present |
| Known for | CEO of Statoil (1999–2003), CEO of Hurtigruten (2007–2012) |
Olav Fjell (born 28 June 1951) is a prominent Norwegian executive recognized for his leadership roles as CEO of Statoil from 1999 until 2003 and later as CEO of Hurtigruten between 2007 and 2012.
Career
Fjell earned a siv.øk. degree from the Norwegian School of Economics in 1975 and completed military training with the Royal Norwegian Army. His professional journey began at Kongsberg Vaabenfabrik in 1975 as an accountant, advancing to vice president by 1987. Subsequently, he held senior management positions at Bergen Bank and Den norske Bank, followed by his role as CEO of Postbanken. Fjell assumed the position of CEO at Statoil in 1999. After departing Statoil in 2004, he transitioned to strategic and financial advisory duties at First Securities, then served as CEO of Lindorff from 2006 to 2007, and later led Hurtigruten until 2012.
Throughout his career, Fjell has occupied several board memberships, including chairmanship of NSB (Norwegian State Railways) from 2000 to 2003, along with board roles at Eastern Drilling and Lindorff. Presently, he chairs the boards of Statkraft and Deep Sea Supply. Additionally, he is a member of the Norwegian Academy of Technological Sciences.
Controversy
Fjell's career has been accompanied by disputes and strained interactions with the media. While serving as CFO at Kongsberg, the company faced internal difficulties amid financial downturns, during which Fjell openly criticized media reporting. In 2003, he was implicated in the Statoil corruption affair involving Iran, resulting in his dismissal as CEO on 22 September 2003. Norwegian authorities imposed fines on Statoil due to corruption charges.
Despite the damage to Statoil's image following the scandal, Fjell reportedly received severance compensation estimated between NOK 7.5 million and NOK 10 million. He also initiated legal action against Statoil seeking early pension benefits equal to 66% of his salary starting at age 60. Although Statoil initially contested this claim, Fjell prevailed in court in December 2005 and was awarded payments that could amount to approximately NOK 40 million.