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Board and Management

AMSC has a management team consisting of three professionals with broad experience in shipping and finance. The management team is governed by the board of directors consisting of three members. The board members represent a combination of expertise, capabilities, and experience from various finance, industry, and non-governmental organizations.


Annette Malm Justad


Ms. Justad has been a member of AMSC’s Board of Directors since December 2007. From 2006 through 2010, she held the position of CEO of Eitzen Maritime Services ASA, a Norwegian marine shipping services Company. Prior to that she has held various positions in large companies such as Yara International ASA, Norgas Carriers/IM Skaugen ASA, and Norsk Hydro ASA. Ms. Justad is a partner at Recore, chair of Norske tog AS, Store Norske Spitsbergen Kulkompani AS and Småkraft AS, and a board member of Torm plc, Awilco LNG ASA and PowerCell Sweden AB. Ms. Justad holds a Master degree of Technology Management from MIT (Sloan School)/NTH/NHH in addition to a MSc in Chemical Engineering from NTH. Ms. Justad is a Norwegian citizen. Ms. Justad holds 12,523 shares in the Company through Homlungen AS. She has been reelected for the period 2021-2023.

Peter D. Knudsen

Board Member

Peter D. Knudsen is the Managing Partner of NorthCape Capital AS. Mr. Knudsen previously worked as CEO of Oslo listed Camillo Eitzen & Co. ASA from November 2008 to February 2012. Prior to Camillo Eitzen & Co. ASA, Mr. Knudsen was employed by Nordea Bank (Shipping Offshore and Oil Services) for 15 years, and his last position was as a General Manager of Nordea Bank in Singapore. Mr. Knudsen has also been employed with GIEK, Den norske Creditbank, Jøtun Fonds and Stemoco Shipping. Mr. Knudsen holds an MBA from Arizona State University. Mr. Knudsen is presently a Board member of Uglands Rederi AS. He is a Norwegian citizen and holds 23,000 shares of stock in the Company through Vilja AS. Mr. Knudsen has been a Board Member of AMSC since 2012 and has been re-elected for the period 2022-2024.

Frank O. Reite

Board Member

Frank O. Reite first joined Aker in 1995 and held the position as CFO in Aker ASA from August 2015 until August 2019. Mr. Reite has previously held the position as President & CEO of Akastor and a variety of executive positions in the Aker group, including overseeing and developing Aker’s investments in Converto Capital Fund AS, Havfisk ASA, Norway Seafoods AS and Aker Yards ASA. Mr. Reite also has experience from banking and served as Operating Director at Paine & Partners, a New York-based private equity firm. Reite’s current board positions includes being chair of Converto AS, Akastor ASA, Norron AB, deputy chair of the board and chair of the audit committee in Aker ASA, and director of Solstad Offshore ASA. He holds a B.A. in business administration from Norwegian Business School BI in Oslo. Mr. Reite holds zero shares in AMSC and has no stock options. He is a Norwegian citizen and has been elected for the period 2022-2024


Pål Lothe Magnussen

President / CEO

Mr. Magnussen was appointed President and CEO of AMSC effective 1 January 2015. He previously served as the Company's CFO from 1 June 2014. A Norwegian national, Mr. Magnussen comes from the position as Director of the Investment Banking Division in DNB Markets where he has worked since 2007 focusing on the shipping and offshore sectors. Prior to that he worked for five years as Vice President of Corporate Banking in DNB Bank’s shipping and offshore division. He has significant experience from international shipping finance and has been based in in New York, Singapore and Oslo. Mr. Magnussen holds an MBA from Columbia University, New York, and a Master of Science from the Norwegian School of Management, Oslo. He holds 140,000 shares in the Company.

Morten Bakke

Chief Financial Officer

Mr. Bakke was appointed CFO of AMSC effective 4 April 2016. He has multiple years of corporate finance, shipping and offshore experience of which 10 years with DVB Corporate Finance in London and Oslo and previously with Chartered Accountants Moore Stephens and Credit Suisse, both in London. Mr. Bakke has advised multiple offshore, shipping and private equity firms on a variety of M&A deals and holds a MSC in Shipping, Trade and Finance from Cass Business School and BA in Business Studies from University of Greenwich. Mr. Bakke is a Norwegian national and holds 100,000 shares in the Company through MB Capital AS.

Leigh Jaros

Business Controller / Finance Manager

Ms. Jaros joined AMSC as Controller in July 2008. Ms. Jaros has over 10 years of progressively responsible corporate financial experience including financial reporting, analysis and budgeting. Ms. Jaros was employed by Aker Philadelphia Shipyard as its Accounting Supervisor prior to joining AMSC. Ms. Jaros holds a Bachelor of Science in Finance and Economics from West Chester University. Ms. Jaros is a U.S. citizen and holds 2000 shares of stock in the Company.