Norse’s CEO steps down, welcomes new ex-SAS CCO as new chief executive
Norse's new CEO had served as SAS' CCO for around three years before the pandemic.
Bjørn Tore Larsen, the Founder of Norse Atlantic Airways (Norse), has stepped down from his role as the Chief Executive Officer (CEO) of the airline, handing over the reins to a former Chief Commercial Officer (CCO) of SAS, Eivind Roald.
On November 28, 2025, three days after Norse unveiled that it suffered another loss-making quarter, the company announced that Larsen would step down from his role as CEO, and Roald, effective immediately, would step in to replace Larsen.
The founder of the airline, who is also the largest shareholder of Norse via B T Larsen & Co Limited with a 29.46% stake, will remain with the carrier as its Chairman of the Board.
Roald worked at SAS between April 2012 and December 2017. Between September 2014 and July 2017, he was the CCO of the airline, and since moving on from SAS, he has worked in various roles throughout several companies, including his latest experience as the CEO of CRST Advisory.
Larsen said he was pleased to welcome such an experienced leader to continue Norse’s story, adding that “anyone who has followed SAS’ development knows the extraordinary impact Eivind had as its Commercial Director.”
“We have been searching for someone who understands the aviation industry, knows how to commercialize businesses, and brings technological insight—combined with the ability to be a strong team-leader and builder.”
Roald noted that Norse has a unique position with its modern Boeing 787-9 fleet, “an attractive product, and a balanced business model with long-term charters as well as attractive own scheduled flights.”
Currently, Norse has 12 787-9s, five of which have been flying on behalf of IndiGo or delivered to the airline. The Indian low-cost carrier should welcome another 787-9 in 2026, Norse previously said.
The other six will remain to operate Norse’s own flights. According to Larsen, “predictable ACMI revenue and cash flow will strengthen our strategic and financial position as we optimize our own network, flying routes with maximum passenger and fare potential.”
Norse ended Q3 with a net loss of $7.8 million, with cash and cash equivalents of $25.5 million. Revenues grew to $249.8 million, with operating costs also growing to $228.4 million as capacity expanded by 10% year-on-year (YoY).
Larsen admitted that while Norse’s new strategy has already delivered results, including four consecutive quarters with load factors of over 90%, “we still have challenges to address and room to improve amid tough competition on core Transatlantic routes, negative operational events, and cost inflation affecting across the airline industry.”
Rytis Beresnevicius
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