Headline: Norwegian CEO Crowned One of World’s Best in 2024: Geir Håøy of Kongsberg Group Makes The Economist‘s List
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In a recent announcement, The Economist unveiled its annual list of the world’s best CEOs, with a notable Nordic addition: Geir Håøy, the helm at Kongsberg Group. This is the second time the prestigious list has been compiled, aiming to identify the top leader steering one of the globe’s 1200 most valuable companies.
Håøy neuropathy" rel="noopener nofollow">Laagendalsposten. He humbly accepts the recognition, acknowledging that it’s always pleasant when Kongsberg Group gets attention in such regards.
The Economist, in its evaluation, first identified the top 10 companies delivering the highest returns relative to the industry average. They then meticulously assessed each CEO, eliminating several, including those who might attribute their success to good fortune. This rigorous process left Håøy to compete against Izumisawa Seiji of Mitsubishi Heavy Industries (Japan) and Alex Karp of Palantir (USA). Ultimately, Karp was named the best CEO of 2024.
However, The Economist lauds all three finalists, stating that any of them could have been crowned the top CEO. They praise Håøy’s strategic integration of Rolls-Royce Marine, a large and risky acquisition made in 2019 that laid the foundation for the company’s significant growth.
Kongsberg Group, under Håøy’s leadership, has emerged as the most desired stock on the Oslo Stock Exchange, with an exponential 179% increase in value and a market capitalization of over 225 billion kroner. The company’s diverseportfolio spans defense, energy, renewables, maritime, and aerospace industries.
The group’s success, in part, can be attributed to increased demand for its products due to the Ukraine conflict. Kongsberg Group’s order backlog has reached an all-time high of 96.9 billion kroner, with 11.7 billion scheduled for delivery in the fourth quarter of 2024.
Norway’s state is the majority shareholder in Kongsberg Group, owning just over 50% of shares, while the Norwegian Government Pension Fund, managed by Folketrygdfondet, holds the second-largest stake with 5.8%.
Image Caption: Visit: Prime Minister Jonas Gahr Støre (Labour) with Kongsberg Group CEO Geir Håøy during a visit to Kongsberg Defence & Aerospace in Kongsberg in 2023. Photo: Heiko Junge / NTB
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The Economist points out that although risky, the acquisition proved a wise investment. They commend the successful integration of Rolls-Royce Marine, bolstering Kongsberg’s standing in both defense and maritime technology sectors.
Håøy elucidated to Laagendalsposten that while large acquisitions always carry risk, this was the biggest in Kongsberg Group’s history. However, aligning with Rolls-Royce Marine felt natural for strengthening Kongsberg Maritime, a subgroup within the conglomerate.
Håøy further believes that the merger partially protected Kongsberg Group from the full brunt of the COVID-19 pandemic’s economic repercussions.
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