Norske Skog, in keeping with its cost-cutting strategy, will remove two posts on its board of directors, resulting in cost reduction of nearly 1M Norwegian kronor; company's top management did not receive bonuses in 2013, but CEO and CFO did in 2012

, March 18, 2014 () – The top management of Norwegian paper company Norske Skog did not receive bonuses for 2013, but in 2012 the CEO Sven Ombudstvedt and CFO Rune Gjessing were paid NOK 1.40mn (EUR 168,549 USD 234,451) and NOK 2.1mn respectively in bonuses. This despite the fact that the company had its second weakest results ever with NOK 2.8bn in losses in 2012. Communications director Carsten Dybevig says this is because both reached their individual targets that year. Norske Skog is focusing on cost reductions, and it recently announced that it will remove two posts on the board of directors. This will reduce costs by almost NOK 1mn.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.