Executive Change: Aktiv Kaptial Names Geir Langfeldt Olsen CEO

The Board of Directors of Aktiv Kapital ASA announced Thursday that it as appointed Geir Langfeldt Olsen (38) as new CEO of the company effective 19 September 2011.

Geir Langfeldt Olsen

Mr. Olsen comes from Cisco Systems Inc were he was responsible for worldwide sales of Video and Telepresence. He came to Cisco through the acquisition of Tandberg, where he held a variety of leadership roles in Sales, Marketing and Strategy. Prior to Tandberg he was in McKinsey and Company where he was a part of the Scandinavian Leadership Group for Financial Services.

“We are very pleased that Geir Langfeldt Olsen has accepted to join Aktiv Kapital. Mr. Olsen is a strong leader with a proven track-record. Having gone through a period of operational improvement and cost cutting Aktiv Kapital is set to expand. Mr Olsen’s commercial mindset and international sales experience is an excellent match with the company’s ambitious growth plans”, states Mr. John Fredriksen on behalf of Geveran Trading, Aktiv Kapital’s major shareholder.

“I look forward to lead this company through this next phase of growth. The number of Non Performing Loans in Europe has more than tripled from 2007. Aktiv Kapital has a very strong foundation through a hard-working organization and good market reputation to capture this opportunity”, states Geir Langfeldt Olsen.

Aktiv Kapital operates in nine countries and is headquartered in Oslo, Norway. The Aktiv Kapital Group is one of the largest investors in non-performing credit portfolios in Europe and Canada. In 2010, Aktiv Kapital had an operating revenue of NOK 1,512 million ($280 million) and 356,000 paying customers. The Company is listed on the Oslo Stock Exchange (AIK).