Norwegian Air is dropping its daredevil pilot

Silicon Valley startups have long recognized the benefit of having a few grownups in the room to make sure the youthful, idealistic founders don’t forget about the bottom line. At Norwegian Air Shuttle it’s the older crowd you’ve had to keep an eye on. The transatlantic budget airline’s 72-year-old co-founder Bjorn Kjos has been on a breakneck expansion drive over the past few years, but now he’s stepping down after being forced to abandon that high-spending strategy to ensure his company’s survival. Kjos, who’s staying on as an adviser, has been Norwegian’s CEO for 17 years, making him one of the oldest corporate leaders in Europe. A former fighter pilot and lawyer, his achievements are the stuff of industry legend. Norwegian has come from nowhere to now carry about 38 million passengers every year. American customers flying to Europe are its biggest source of revenue. Unfortunately, Kjos had a big weakness: An obsession with growth that almost proved Norwegian’s undoing. In 2012 Norwegian placed Europe’s biggest ever aircraft order, and the pace didn’t let up. Kjos has since opened a subsidiary in Argentina. The growth has taken a huge toll on Norwegian’s balance sheet. Compared to the colorful Kjos, his interim replacement Geir Karlsen may seem a trifle grey. But the plain-speaking former CFO, who has a degree in business administration, is just what Norwegian needs to win back the trust of the capital markets.<br/>