GOGL - Transition of Chief Executive Officer

Rhea-AI Summary

Golden Ocean Group (NASDAQ/OSE: GOGL) has announced that CEO Lars-Christian Svensen will step down to pursue new opportunities. CFO Peder Simonsen will assume the role of Interim CEO while maintaining his current position. Svensen will be available to the company until September 1, 2024. The transition was acknowledged by Chairman Ola Lorentzon, who thanked Svensen for his contributions. Svensen expressed gratitude for his tenure and confidence in the company's future. The announcement complies with the Norwegian Securities Trading Act.

Positive

• Peder Simonsen, the current CFO, will take on the Interim CEO role, ensuring continuity in leadership.
• Lars-Christian Svensen will remain available to the company until September 1, 2024, providing a smooth transition period.
• Public acknowledgment from the Chairman and outgoing CEO highlights a culture of appreciation and professionalism.

Negative

• Uncertainty due to CEO transition may concern investors.
• Dual role of CFO and Interim CEO for Peder Simonsen may strain leadership capacity.
• Potential disruption in strategic initiatives during the leadership transition.

Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the "Company" or "Golden Ocean")  today announced that Lars-Christian Svensen, Chief Executive Officer of Golden Ocean Management AS, has decided to step down from his position to seek new opportunities. The Board has appointed the company’s CFO, Peder Simonsen, to take the role as Interim Chief Executive Officer and Chief Financial Officer of Golden Ocean Management AS. Mr. Svensen will be available for the company till September 1, 2024.

"I would like to thank Lars-Christian for his valuable contributions to the company as CCO and CEO and wish him all the best for the future", said Ola Lorentzon, Chairman of Golden Ocean.

Lars-Christan Svensen commented: "I would like to thank the Board and my colleagues for wonderful years. I am proud to have contributed to the Company's success and development during my tenure. I wish the Company all the best, and I am sure the prosperity will continue going forward.”

May 29, 2024

The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

This information is subject to the disclosure requirements of section 5-12 of the Norwegian Securities Trading Act.

FAQ

Who is the current CEO of Golden Ocean Group (GOGL)?

As of the announcement, CFO Peder Simonsen is appointed as the Interim CEO of Golden Ocean Group.

Why did Lars-Christian Svensen step down as CEO of Golden Ocean Group (GOGL)?

Lars-Christian Svensen decided to step down to pursue new opportunities.

When will Lars-Christian Svensen leave Golden Ocean Group (GOGL)?

Lars-Christian Svensen will be available to the company until September 1, 2024.

What is the role of Peder Simonsen in Golden Ocean Group (GOGL)?

Peder Simonsen is the CFO and has been appointed as the Interim CEO of Golden Ocean Group.

How does the CEO transition at Golden Ocean Group (GOGL) comply with regulations?

The announcement complies with section 5-12 of the Norwegian Securities Trading Act.