# Nel ASA Appoints Morten Holum CEO, Succeeding Håkon Volldal by May 2027

> Nel ASA appointed Morten Holum as CEO with a NOK 5 million incentive package, succeeding Håkon Volldal no later than May 1, 2027.

- Published: 2026-10-21T22:46:50+00:00
- Section: Leadership
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-21/nel-asa-morten-holum-ceo
- Source: [PR Newswire APAC](https://en.prnasia.com/releases/apac/nel-asa-morten-holum-appointed-new-chief-executive-officer-552687.shtml)

## Key takeaways

- Nel ASA appointed Morten Holum as CEO, succeeding Håkon Volldal, with a start no later than May 1, 2027.
- Kjell Christian Bjørnsen, Nel's CFO since 2020, becomes interim CEO from November 1, 2026, with Torbjørn Berg as interim CFO.
- Holum's long-term CEO incentive program is valued at NOK 5 million, comprising NOK 2 million in cash and NOK 3 million in restricted stock units.

Nel ASA appointed Morten Holum as chief executive officer, succeeding Håkon Volldal, with a long-term incentive program valued at NOK 5 million, the company said in a [PR Newswire APAC](https://en.prnasia.com/releases/apac/nel-asa-morten-holum-appointed-new-chief-executive-officer-552687.shtml) announcement on October 21, 2026. Holum will assume the role no later than May 1, 2027.

## Holum's Start Date and Interim Leadership

Holum has served as president and CEO of Hexagon Purus since March 2020, after joining Hexagon Composites as executive vice president and chief operating officer in 2019. He previously held the positions of CEO and CFO of Saferoad Group, and has experience from Norske Skog, Norsk Hydro and American Airlines. He holds a bachelor's degree in finance and psychology from Østfold University College and the University of Oslo, and an MBA from the University of North Carolina at Chapel Hill.

Kjell Christian Bjørnsen, Nel's CFO since 2020, will serve as interim CEO from November 1, 2026 until Holum starts. Torbjørn Berg, VP Finance, will take the role of interim CFO. The board agreed with Volldal that he will be relieved of his executive duties effective from the end of October 2026.

"The Board is confident that Morten Holum is the right person to succeed Håkon Volldal as CEO of Nel," said Arvid Moss, chair of the board. "Morten brings the broad international experience, leadership and commercial mindset required at this stage of Nel's development."

Holum's package comprises NOK 2 million in cash and NOK 3 million in restricted stock units, [Third News](https://third-news.com/article/47156532-cd87-11f1-bf45-9ca3ba08e13f) reported. The cash component will be paid in two equal instalments 12 and 24 months after his starting day, and the RSUs will vest in two equal tranches in January 2029 and November 2030. The RSU awards are subject to a value cap of NOK 25 million. [TradingView](https://www.tradingview.com/news/tradingview:64b818c6fbb48:0-nel-asa-nel-names-morten-holum-ceo-interim-from-nov-1/) reported that the transition occurs during Nel's commercialization push after recent order wins.

## Nel's Order Wins Before the CEO Change

Nel Hydrogen US received a purchase order from an undisclosed U.S. Technology company for multiple containerized PEM electrolyser units and related services, valued at about $12 million, PR Newswire reported in October 2026. The MC-series units will be produced in Wallingford, CT, with estimated delivery in 2027.

Nel and Rheinmetall announced a partnership to produce synthetic fuel for European defense use, based on hydrogen and CO2, E24 reported in October 2026. The Norwegian company will help develop the market, with no concrete deliveries yet.

Nel reported a Q3 2026 EBITDA loss of 93 million NOK, down from 37 million NOK in the prior year, with total revenue falling to 138 million NOK, Dagens industri reported in October 2026. Order stock rose to 1.314 billion NOK from 984 million NOK.

## Holum's First PSU Grant in 2028

Holum's first performance share unit grant is expected in 2028, according to the company's [announcement](https://nelhydrogen.com). The number of RSUs will be determined upon commencement of employment, and the cash instalments and RSU awards are conditional upon the CEO remaining employed by the company until the applicable payment and vesting dates.

## Companies in this story

- NEL Hydrogen · website: https://nelhydrogen.com

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