Umoe’s growth is built on a countercyclical model of investment and development of companies over the long term. It is our aim to capitalize on shifts in economic structure, and we are not afraid to take risks in this context.
The Umoe Culture
We believe strongly in individual responsibility and consequently operate a lean, agile and responsive organization. We accept that in an aggressive organization mistakes will occur, although we will not tolerate poor performance resulting from decisions based on emotions, as opposed to facts. Equally, we share profits with those who create them and reward performance well. Although we are a privately owned company, we believe that the discipline of a high quality board is essential to effective management.
Umoe, including its subsidiaries and employees, will always act in an ethical, sustainable and socially responsible manner. Our Business Ethics Standards set out ethical guidelines for employees and partners considering human rights, employee rights and social conditions. Click to download Umoe’s Business Ethics Standards.
Board of Directors
Johan Fr. Odfjell
Johan Fr. Odfjell is a senior executive in both industry and finance. He has been a senior manager at Skandia, the leading insurance company in Scandinavia, CEO of Vesta and chairman of numerous companies including Orkla, Norges Handels of Sjøfartstidende, NERA as, Amersham Nycomed; IF skadeforsikring og Star Shippingvice, chairman of Det Norske Veritas, and member of the boards of The National Theater and the Center for Economic Research at NHH. He was elected to the board of UMOE in 2000 and became chairman in December 2003.
He holds a Master’s degree in Business and Economics from the Norwegian School of Economics and Business Administration (NHH) and an MBA from Harvard Business School.
Victor D. Norman
Victor D. Norman is a prominent professor of economics at the Norwegian School of Economics and Business Administration (NHH), where he also held the post of Dean from 1999 to 2001. He has served on the board of Umoe companies since 1984, except for the years 2001 to 2004, when he served as Norway’s secretary of labour and administration. He is a valued and active contributor to the public discourse in Norwegian media. He is an honorary doctor of the Stockholm School of Economics and holds the Nansen Award for excellence in research.
He holds a Bachelor in Economics Summa Cum Laude from Yale University and a PHD from the Massachusetts Institute of Technology.
Harald Norvik has contributed widely to Norwegian society and industry, and has a strong background in politics and public enterprises. He was CEO of Statoil 1987-1999 and before that CFO of the Aker Group, after serving as state secretary to the Norwegian prime minister. He has served as chairman of Telenor and as a member of the board of the publisher Aschehoug. In addition to his membership of the Umoe board, he currently serves at the main board of Conoco Phillips and the seismic company PGS.
He holds a Master’s degree in Business and Economics from the Norwegian School of Economics and Business Administration (NHH).
Erik Sauar is an experienced international executive and company founder with a long track record in taking products and innovation from the initial concept phase through technology development, organizational development and to the market. He was founder of a distributed solar company that later merged with others to form REC. He was thereafter CTO of REC from 2001-2012, taking part in growing the company from scratch to nearly 2 bn $ revenue. He has thereafter been actively investing in and contributing to developing several successful start-ups, primarily in the clean technology space. Erik Sauar serves as a Board member of Zero, Differ, Cenate, Fosera and Radionor and also serves/has served on the board of two of the world’s leading solar research institutions. Sauar holds a MSc. in Chemical Engineering, an MA in Anthropology and a Dr.techn degree in Physical Chemistry and is the inventor of more than 35 patents.
Ragnhild Kierulf Ulltveit-Moe
Ragnhild Ulltveit-Moe was elected to the board in 2001. She has worked for the United Nations Development Programme in China, for Umoe Bioenergy from 2009 to 2011 and for Umoe Restaurants, from 2012 to 2013.
She holds a Bachelor’s degree from the University of Bergen and the Norwegian School of Economics and Business Administration (NHH), and a Master’s degree from the London School of Economics (LSE).
Jens Ulltveit-Moe is the group's founder and Chief Executive Officer. On completing his education he was a consultant with McKinsey in New York and London, before developing the oil tanker division of the SHV group in the Netherlands. He headed the turnaround of the shipping company Knut Knutsen OAS from 1980. In 1984 he established Umoe AS, and has since expanded the group to create one of Norway's largest privately owned companies. He plays an active role in Norwegian society and is a former president of both the Norwegian Shipowners' Association and the Confederation of Norwegian Enterprise. He is elected Chairman of the Board of Cicero and serves as a member of the Board of Directors of Environmental Defense Fund Ltd. Europe.
He holds a Master's degree in Business and Economics from the Norwegian School of Economics and Business Administration (NHH) and a Master's degree in International Affairs from Colombia University.
Jens Ulltveit-Moe is both CEO and member of the board.
Espen Klitzing is the group’s CFO. He also holds board positions in a number of subsidiaries in the group. Prior to joining the Umoe Group in 2011, he was a partner at McKinsey & Company. Prior to this he was Deputy CEO and CFO of PFU, the largest sovereign wealth fund in the world. He has also held senior management positions in the Storebrand Group, PGS; and was CEO at Petrojarl ASA when it was spun-off from PGS and listed on the OSE in 2006. He is currently chairman of the board at Alliance Venture Polaris AS and a board member for DNB Life Insurance.
He holds a Master’s degree in Business and Economics from the Norwegian School of Economics and Business administration (NHH).
Hans Aasnæs is Senior Vice President at Umoe Group and also holds board positions in a number of the group’s subsidiaries. He was CEO at Storebrand Asset Management from 2005 until 2013; and from 1994 held various positions with the Storebrand investment team. He serves as a board member at Statskog, Investinor and Gjensidige Investeringsrådgivning.
He holds a CFA (certified financial analyst) and higher degree from the Norwegian School of Economics and Business administration (NHH). He has a senior agricultural education, with a HaCand Agric from the Norwegian University of Life Sciences (Norges Landsbrukshøyskole).
Ole Jacob Ræstad
Ole Jacob Ræstad is CEO of Umoe Gas Carriers and CFO of Knutsen OAS Shipping. He also holds board positions in a number of the Knutsen Group subsidiaries, including posts in Japan and Australia. Previous positions include Leif Høegh & Co and Harding Safety. He has since worked as CFO of shipping interests for Umoe and Knutsen. In his capacity as CFO of the Knutsen Group he has financed close to 50 vessels with a total value of more than 5 billion USD.
He holds a Master’s degree in Business and Economics from the Norwegian School of Economics and Business Administration.
Inger Johanne Bergstøl
Inger Johanne Bergstøl is HR Director. Her extensive professional experience includes finance, consulting engineering and education. She has previously held responsibility for insurance, pensions and joint purchase agreements, finance, IT and project management within the group; she is currently a board member for Sønnico AS, Umoe Consulting AS, Røyken Sentrumsutvikling AS, Storebrand Liv AS and Fafo.
She holds a Bachelor of Arts from Oslo University (UiO) and a Master's Degree in Business and IT from Bond University, Australia.
Knud Dalaker is Chief Accountant at Umoe. He joined Umoe in 2000 and has held various positions in the company's finance and accounting department. Before joining Umoe, he worked as controller in Color Air/Color Group, from 1998 to 2000, and as auditor in Arthur Andersen & Co, from 1992 to 1998. He is on the board of the majority of Umoe's real-estate companies, as well as the Kagra Group.
Professional qualifications include Handelhøyskolen BI and Certified Public Auditor from the Norwegian School of Economics and Business Administration (NHH).
Jørgen Fjeldstad is the group Chief Legal Counsel. He holds board positions in a number of the Umoe Group subsidiaries. Prior to joining the Umoe Group in 2008 he was a senior lawyer at BAHR. He has also worked as a lawyer for Thommessen, and advisor at the Ministry of Petroleum and Energy and as an assistant judge for Larvik District Court. He holds a Cand. Jur. degree from the University of Oslo and is a licensed lawyer.
Thomas Moe Børseth
Thomas Moe Børseth is Director of Strategic Business Development. He joined the Umoe group in 2013, and was from 2014 to 2017 the CFO of Sønnico AS, one of Umoe’s subsidiaries. He currently sits on the board of SolVoltaics AB. Before he joined Umoe, he was a management consultant at McKinsey & Company from 2006 to 2012.
He holds a PhD in physics from the University of Oslo and a Master of Science in applied physics from INSA Toulouse.
Rasmus C. Evrin
Rasmus C. Evrin is the Finance Director at Umoe AS and CEO of Umoe Wind. Prior to joining the Umoe Group in 2013 he was founder and CEO of Sharpe Investment Partners, the holding company of Forvaltningshuset – a spin-off from Formuesforvaltning. Evrin has also served as Finance Manager within the IT and e-backed venture industry.
Evrin holds a Master’s degree in Business and Economics from the Norwegian School of Management.
- Jens Ulltveit-Moe Tel: +47 9706 8165 Send e-mail
- Espen Klitzing Tel: +47 9282 6166 Send e-mail
- Hans Aasnæs Tel: +47 9225 3957 Send e-mail
- Ole Jacob Ræstad Tel: +47 9112 8368 Send e-mail
- Inger Johanne Bergstøl Tel: +47 9066 8455 Send e-mail
- Knud Dalaker Tel: +47 9512 1191 Send e-mail
- Jørgen Fjeldstad Tel: +47 9288 1418 Send e-mail
- Thomas Moe Børseth Tel: +47 9978 8034 Send e-mail
- Rasmus C. Evrin Tel: +47 9244 2382 Send e-mail