Nel ASA announced on October 21, 2026 that Morten Holum will succeed Håkon Volldal as chief executive, starting no later than May 1, 2027. The Nel CEO appointment sets up an interim leadership period, with current chief financial officer Kjell Christian Bjørnsen taking charge from November 1, 2026.
Key Takeaways
- Morten Holum, CEO of Hexagon Purus since March 2020, will become Nel’s next chief executive.
- Kjell Christian Bjørnsen will serve as interim CEO, while Torbjørn Berg becomes interim CFO.
- Holum’s NOK 5 million CEO incentive package combines cash and restricted stock units tied to continued employment.
Table of Contents
- Nel CEO appointment includes an interim handover
- Board emphasizes industrial customer experience
- Incentives extend through 2030
- Conclusion
Nel CEO appointment includes an interim handover
Volldal will be relieved of his executive duties at the end of October 2026 under an agreement with the board. Bjørnsen, Nel’s CFO since 2020, will lead the company until Holum starts, while vice president of finance Torbjørn Berg takes over the finance role on an interim basis.
Nel’s leadership transition announcement gives Holum a latest starting date rather than a fixed arrival date. The timetable allows for an interim period of up to six months before he assumes the role.
Chair Arvid Moss said the board had full confidence in Bjørnsen to continue executing Nel’s strategy, working with customers and prospects and seeking new orders during the transition.
| Item | Details |
|---|---|
| Cash payment schedule | Two equal instalments, 12 and 24 months after Holum’s starting date. |
| Restricted stock vesting | Two equal tranches in January 2029 and November 2030. |
| Number of restricted stock units | To be determined when employment begins. |
| Restricted stock value cap | The RSU awards are subject to a NOK 25 million value cap. |
Board emphasizes industrial customer experience
Holum has led Hexagon Purus since March 2020, after joining Hexagon Composites as executive vice president and chief operating officer in 2019. His earlier roles include CEO and CFO of Saferoad Group, alongside experience at Norske Skog, Norsk Hydro and American Airlines.
Moss pointed to Holum’s international leadership and commercial experience as reasons for the appointment. He cited Nel’s recent orders from Collins Aerospace and an unnamed leading US technology company, as well as a recent Rheinmetall announcement that he said highlighted defence applications as a potential growth area.
Nel specializes in proton exchange membrane and alkaline electrolyser technology for renewable hydrogen production. The board’s comments frame the appointment around commercial execution and industrial customers, rather than an announced change in strategy.
Incentives extend through 2030
Holum’s long-term CEO incentive package is valued at NOK 5 million, comprising NOK 2 million in cash and NOK 3 million in restricted stock units. Both components depend on him remaining employed through the applicable payment or vesting dates.
The package is additional to his fixed salary and participation in Nel’s long-term incentive programme. His first performance share unit grant under that programme is expected in 2028.
Conclusion
The next scheduled step is Bjørnsen’s move into the interim CEO role on November 1, 2026. Holum’s precise starting date remains to be established within the announced deadline of May 1, 2027.
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