Havyard Group has terminated Geir Johan Bakke's employment as chief executive "with immediate effect", following huge losses sustained by its shipbuilding activities.
Bakke has worked for the Oslo-listed group for 18 years and has been chief executive since 2004.
Gunnar Larsen, Havyard's senior vice-president of market & business development, has taken over the top job while the group works on recruiting a permanent chief executive.
