Ocean bottom seismic (OBS) specialist Magseis Fairfield said Tuesday that Stig Hognestad, currently CEO of IKM Acona, would succeed Mark Ivin as CFO on December 1, 2021.
Carel Hooijkaas, CEO of Magseis Fairfield said: "Over the last two years, the board and leadership team have completed a successful and necessary turnaround of Magseis Fairfield and positioned the company for growth within both existing markets and the emerging renewables segment. A streamlined Magseis Fairfield now sees signs of market improvement and new and exciting business opportunities. The timing is right to form a management team designed to deliver on our long-term operational strategy, and the CFO transition plan is a part of that.”
Hooijkaas said that Ivin has been essential in the successful financial turnaround and organizational restructuring of Magseis Fairfield over the past two years.
"He has made decisive contributions in a difficult market and operational environment also considering the challenging phase for the company during the pandemic. Mark will be handing over a company in good shape and sound financial standing, and the Board and I would like to thank him for his strong contributions”, Hooijkaas said.
'Set for successful next chapter'
The outgoing CFO Mark Ivin said: "In 2019, it was clear that Magseis Fairfield was in need of improvements, and a turn-around case was a task I was eager to take on and glad to be offered.
"I truly appreciate the time at Magseis Fairfield together with the strong team and our solid partners, where we have had the chance to drive change and set the company up for a successful next chapter. Backed by an improving backlog and strengthened 2022 outlook, I look forward to seeing the company deliver on the foundation that has been laid. I will spend the next months ensuring continued performance and a smooth handover of the CFO position."
The incoming CFO Stig Hognestad holds an MBA from the University of Edinburgh Business School, Herriot-Watt University, a B.Sc. in Business Administration - Finance from Kansas State University, Manhattan, Kansas, and a B.A. (Cand. Mag.) – Entrepreneurship from Rogaland University Centre, Stavanger, Norway.
He was Financial Controller and in Operations Management in WesternGeco from 1994–2007. More recently, Stig was CFO and CEO for Ziebel until 2015 and CFO for Acona Group until 2016, and he joins Magseis Fairfield from the position of CEO of IKM Acona Group.
“I am pleased to welcome Stig to our leadership team as we enter a new phase in our company development. Stig brings the experience, industry knowledge and capabilities required to further grow our existing business and support the development of our new renewables segment”, CEO Hooijkaas says.
“I look forward to joining Magseis Fairfield and get to know the team, customers and partners. I am excited to join a company with technology leadership and a business model that will be relevant across all parts of the energy transition” says Stig Hognestad, Magseis Fairfield’s new CFO effective 1 December 2021.