Egersund, Norway – Navico, parent company to the Lowrance, Simrad, B&G and C-MAP brands, announced today that its board of directors has appointed Knut Frostad as President and Chief Executive Officer – assuming the role of outgoing chief executive, Leif Ottosson.
“We thank Leif Ottosson for leading ten years of transformation and growth in Navico,” said Hugo Maurstad, chairman of the board of Navico. “Under his management, revenues have doubled, and we have seen a manyfold increase in earnings as well as significant improvements to our supply chain and R&D programs.”
“Knut Frostad has been on Navico’s board for 14 years and brings solid experience in the industry and understanding of our business as former CEO of the Volvo Ocean Race, as well as director and advisor to several international companies. I can think of no one better to take over and lead Navico into a new era,” continued Maurstad.
“It will be a privilege and honor to lead Navico – a truly global company with highly talented people and iconic brands,” said Frostad. “We have an exceptional team at Navico that is focused on transforming the business, continuing to innovate and unlocking future growth opportunities. With my passion for boating and the water, this is truly an exciting opportunity.”
Knut Frostad’s day-to-day leadership of Navico will begin immediately.