Elkem Management

Management criteria checks 4/4

Elkem's CEO is Helge Aasen, appointed in Jun 2021, has a tenure of 3.5 years. total yearly compensation is NOK11.52M, comprised of 59.9% salary and 40.1% bonuses, including company stock and options. directly owns 0.011% of the company’s shares, worth €99.11K. The average tenure of the management team and the board of directors is 13.9 years and 5 years respectively.

Key information

Helge Aasen

Chief executive officer

NOK 11.5m

Total compensation

CEO salary percentage	59.9%
CEO tenure	3.5yrs
CEO ownership	0.01%
Management average tenure	13.9yrs
Board average tenure	5yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Helge Aasen's remuneration changed compared to Elkem's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	NOK 46m
Jun 30 2024	n/a	n/a	-NOK 502m
Mar 31 2024	n/a	n/a	-NOK 1b
Dec 31 2023	NOK 12m	NOK 7m	NOK 72m
Sep 30 2023	n/a	n/a	NOK 1b
Jun 30 2023	n/a	n/a	NOK 5b
Mar 31 2023	n/a	n/a	NOK 8b
Dec 31 2022	NOK 17m	NOK 6m	NOK 10b
Sep 30 2022	n/a	n/a	NOK 11b
Jun 30 2022	n/a	n/a	NOK 9b
Mar 31 2022	n/a	n/a	NOK 7b
Dec 31 2021	NOK 9m	NOK 3m	NOK 5b
Sep 30 2021	n/a	n/a	NOK 3b
Jun 30 2021	n/a	n/a	NOK 1b
Mar 31 2021	n/a	n/a	NOK 672m
Dec 31 2020	NOK 244k	n/a	NOK 239m
Sep 30 2020	n/a	n/a	NOK 150m
Jun 30 2020	n/a	n/a	NOK 460m
Mar 31 2020	n/a	n/a	NOK 616m
Dec 31 2019	NOK 17m	NOK 5m	NOK 855m
Sep 30 2019	n/a	n/a	NOK 1b
Jun 30 2019	n/a	n/a	NOK 2b
Mar 31 2019	n/a	n/a	NOK 3b
Dec 31 2018	NOK 19m	NOK 5m	NOK 3b

Compensation vs Market: Helge's total compensation ($USD1.02M) is below average for companies of similar size in the German market ($USD1.46M).

Compensation vs Earnings: Helge's compensation has been consistent with company performance over the past year.

CEO

Helge Aasen (61 yo)

3.5yrs

Tenure

NOK 11,517,000

Compensation

Mr. Helge Aasen serves as Chief Executive Officer at Elkem ASA since October 18, 2021 and served as its Director since December 1, 2019 until June 2021 and has been its Interim Chief Executive Officer sinc...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Helge Aasen	Chief Executive Officer	3.5yrs	NOK 11.52m	0.011% € 99.1k
Morten Viga	Chief Financial Officer	18.3yrs	NOK 5.58m	0.0074% € 67.9k
Havard Moe	Senior Vice President of Technology	16.9yrs	NOK 4.17m	0.0016% € 14.5k
Katja Lehland	Senior Vice President of Human Resources	13.9yrs	NOK 4.94m	no data
Asbjoern Soevik	Senior Vice President of Green Ventures & Digital	17.9yrs	NOK 5.12m	0.0016% € 14.5k
Inge Grubben-Stroemnes	Senior Vice President of Silicon Products	16.3yrs	NOK 5.61m	0.0056% € 51.0k
Louis Vovelle	Senior Vice President of Innovation and Research & Development	9.9yrs	NOK 4.00m	0.0011% € 10.0k
Luiz Simao	Senior Vice President of Carbon Solutions Division	4.4yrs	NOK 4.89m	0.0035% € 31.9k
Morten Voll	Senior Vice President of Strategy & Business Development	1.8yrs	NOK 4.00m	0.0016% € 15.1k
Tom Preststulen	Managing Partner	no data	no data	no data
Odd-Geir Lyngstad	Vice President of Finance & Investor Relations	no data	no data	no data
Fredrik Norman	VP Corporate Communications and Public Affairs	no data	no data	no data

13.9yrs

Average Tenure

60.5yo

Average Age

Experienced Management: 1DP's management team is seasoned and experienced (13.9 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Dag Opedal	Independent Vice Chair of the Board	6.8yrs	NOK 782.00k	0.0063% € 58.0k
Olivier Louis Marie Gerard de Clermont-Tonnerre	Director	13.9yrs	NOK 521.00k	0.0024% € 22.5k
Marianne Johnsen	Independent Director	5.7yrs	NOK 521.00k	no data
Terje Hanssen	Employee Representative Director	14.9yrs	NOK 420.00k	no data
Marianne Faeroyvik	Employee Representative Director	8.3yrs	NOK 420.00k	0.00078% € 7.2k
Heidi Feldborg	Employee Representative Observer	5.5yrs	NOK 210.00k	no data
Grace Tang	Independent Director	3.7yrs	NOK 521.00k	no data
Per Aas	Employee Representative Observer	4.4yrs	NOK 16.00k	no data
Nathalie Brunelle	Independent Director	2.7yrs	NOK 420.00k	no data
Thomas Eggan	Employee Representative Director	2.9yrs	NOK 420.00k	no data
Jan Karlsen	Employee Representative Observer	2.4yrs	NOK 210.00k	no data
Bo Li	Chairman	1.9yrs	NOK 48.00k	no data

5.0yrs

Average Tenure

63yo

Average Age

Experienced Board: 1DP's board of directors are considered experienced (5 years average tenure).

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/22 06:06
End of Day Share Price	2024/12/20 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Elkem ASA is covered by 8 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Sebastian Satz	Citigroup Inc
Mubasher Chaudhry	Citigroup Inc
Niclas Gehin	DNB Markets

Elkem Management

Management criteria checks 4/4

Key information

Recent management updates

Elkem ASA, Annual General Meeting, Apr 30, 2025

Elkem ASA Announces Board Changes

Less than half of directors are independent

Elkem Appoints Sandy Chen as Acting Senior Vice President for Silicones Division

Less than half of directors are independent

Elkem Announces Executive Changes, Effective 1 February 2023

Recent updates

Elkem ASA Secures EUR 1.8 Million European Union Grant to Explore CO2-Free Silicon Production

Elkem ASA Secures EUR 1.8 Million European Union Grant to Explore CO2-Free Silicon Production

Third quarter 2024 earnings released: EPS: kr0.14 (vs kr0.72 loss in 3Q 2023)

Elkem to Launch A New Generation of Silicone Solutions for Additive Manufacturing/3D Printing At Formnext 2024 in Frankfurt

New minor risk - Share price stability

Second quarter 2024 earnings released: EPS: kr1.35 (vs kr0.057 in 2Q 2023)

Elkem ASA, Annual General Meeting, Apr 30, 2025

Elkem ASA to Report First Half, 2025 Results on Jul 15, 2025

Now 23% overvalued

Now 28% overvalued after recent price rise

Now 21% overvalued

Elkem ASA Announces Board Changes

New major risk - Financial position

Full year 2023 earnings released: EPS: kr0.11 (vs kr15.09 in FY 2022)

Less than half of directors are independent

An unknown buyer acquired unknown minority stake in Vianode AS from Elkem ASA (OB:ELK).

Elkem Appoints Sandy Chen as Acting Senior Vice President for Silicones Division

Elkem ASA (OB:ELK) entered into Share Purchase Agreement to acquire REC Solar Norway AS from REC Solar Holdings AS for approximately NOK 230 million.

Elkem ASA (OB:ELK) entered into Share Purchase Agreement to acquire REC Solar Norway AS from REC Solar Holdings AS for approximately NOK 230 million.

Elkem Postpones Start-Up of Iceland Furnace

Investor sentiment improves as stock rises 21%

Third quarter 2023 earnings released: kr0.72 loss per share (vs kr4.81 profit in 3Q 2022)

Now 20% undervalued after recent price drop

Investor sentiment deteriorates as stock falls 16%

Elkem Launches UV Hg and UV LED Curable Silicone Solutions for Sustainable Release Coatings

New minor risk - Profit margin trend

Second quarter 2023 earnings released: EPS: kr0.057 (vs kr4.67 in 2Q 2022)

Now 22% undervalued after recent price drop

Elkem ASA (OB:ELK) acquired VUM, a.s. from ZSNP, a.s.

Elkem ASA to Report Q3, 2024 Results on Oct 24, 2024

Investor sentiment deteriorates as stock falls 17%

Now 26% undervalued after recent price drop

Upcoming dividend of kr6.00 per share at 17% yield

Full year 2022 earnings released: EPS: kr15.09 (vs kr7.49 in FY 2021)

Less than half of directors are independent

Elkem Asa Provides Earnings Guidance for the Year 2024

Elkem Announces Executive Changes, Effective 1 February 2023

Elkem Curtails Production in Norway Due to High Power Prices

Less than half of directors are independent

Elkem to Present Silbione™ Biomedical Range At COMPAMED 2022

Norsk Hydro ASA (OB:NHY) and Altor Fund V AB completed the acquisition of Altor Equity Partners AB entered into an agreement to acquire 60% from Elkem ASA (OB:ELK).

Elkem ASA Announces Process Industry Strike in Norway Called Off and Affected Plants at Salten, Rana, Thamshavn and Fiskaa Will Resume Normal Production

Elkem ASA Announces Production Affected At Four Elkem Plants

Elkem ASA to Report Q3, 2023 Results on Oct 25, 2023

Second quarter 2022 earnings released: EPS: kr4.67 (vs kr0.98 in 2Q 2021)

Investor sentiment deteriorated over the past week

Elkem ASA Appoints Larry Zhang as SVP for Silicones Division

Elkem ASA (OB : ELK) acquired Keyvest Belgium SA from Nizi International S.A.

Investor sentiment deteriorated over the past week

Senior Vice President of Technology recently sold €177k worth of stock

First quarter 2022 earnings released: EPS: kr4.20 (vs kr1.18 in 1Q 2021)

Elkem ASA Approves Election of New Board Members

Less than half of directors are independent

Upcoming dividend of kr3.00 per share

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

Elkem Appoints Frederic Jacquin as SVP Strategy & Business Development and Asbjørn Søvik as SVP Green Ventures & Digital, Effective 1 March 2022

Senior Vice President of Technology recently sold €171k worth of stock

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

Elkem ASA Proposes Cash Dividend, Payable on or About May 6, 2022

Elkem ASA (OB:ELK) acquired remaining 50% stake in Elkem Salten energy recovery plant from Kvitebjørn Energi AS.

Third quarter 2021 earnings released: EPS kr2.16 (vs kr0.18 loss in 3Q 2020)

Senior Vice President of Technology recently sold €194k worth of stock

Second quarter 2021 earnings released: EPS kr0.98 (vs kr0.022 loss in 2Q 2020)

Chief Executive Officer Michael Koenig has left the company

Elkem Asa Proposes Cash Dividend

First quarter 2021 earnings released: EPS kr1.18 (vs kr0.43 in 1Q 2020)

Elkem ASA has completed a Follow-on Equity Offering in the amount of NOK 1.891277 billion.

Upcoming dividend of kr0.15 per share

Director recently sold €146k worth of stock