Kongsberg, March 27, 2025: Erik Magelssen has been appointed as the new CFO of
Kongsberg Automotive (KA).
Magelssen was KA's CFO from 1999-2006, where he led three major acquisitions and
two refinancing processes. KA achieved significant growth in revenue and
profitability in this period, both organically and through successfully
integrated acquisitions. He also successfully led KA through its initial public
offering in 2005.
With a career spanning more than three decades, Magelssen has since August 2023
held interim CFO positions, now latest at Hoff SA within the food industry.
Prior to this, Magelssen joined Vow ASA as CFO (2016-June 2023). During his
tenure, he successfully managed Vow ASA's transition to the Oslo Stock Exchange
in 2019 and played a key role in the company's strong expansion and financial
growth, managing strategic acquisitions, and leading major refinancing
initiatives.
Magelssen has also held CFO roles in PM Retail AS (2013-2015) and VIA Egencia AS
(2007-2013). In this period VIA Egencia experienced significant growth in
revenue and profitability, both from add-on acquisitions and organic growth.
Magelssen holds a CPA from Norges Handelshøyskole, a BA (with first class
honors) from Heriot Watt University, UK, executive education from Harvard
Business School, USA, and attended the Norwegian Naval Officers Academy.
"Magelssen's deep financial knowledge, record in strategic leadership, and
history with KA will be instrumental in improving KA's financial performance,"
says Olav Volldal, Chair of KA's Board of Directors (BoD), adding, "I have
worked closely with Erik in the past and feel confident that he has the right
background, experience, and personal qualities to take this important role."
Magelssen will take office from June 1, 2025, and will be based in KA's
headquarters at Kongsberg, Norway.
As part of a strategic decision to move the CFO function to Kongsberg, the BoD
takes this opportunity to thank Christian Johansson for his positive
contribution as CFO since June 2024, and as interim President & CEO since late
January 2025. Johansson will continue in his position as CFO until Magelssen is
ready to take over and will thereafter support in a transition period.
Investor relations and media contacts:
investor.relations@ka-group.com
Therese Sjöborg Skurdal - Director Group Marketing &?Communications
therese.skurdal@ka-group.com
+47 982 14?059
About Kongsberg Automotive ASA
Kongsberg Automotive provides cutting-edge technology to the global vehicle
industry. We drive the global transition to sustainable mobility by putting
engineering, sustainability, and innovation into practice. Our product portfolio
includes driver and motion control systems, fluid assemblies, and industrial
driver interface products. Find more information at:?www.kongsbergautomotive.com