Elopak appoints CFO Bent K. Axelsen as interim CEO as permanent search progresses

NORWAY – Elopak has appointed Chief Financial Officer Bent K. Axelsen as interim CEO, effective from May 8, 2026, while Director Finance & Tax Ola Buarøy has been named interim CFO, as the Board of Directors continues its search for a permanent chief executive expected to be completed by the second quarter of 2026.

Chair of the Board Dag Mejdell explained that Axelsen joined Elopak as CFO in 2019 and brings deep knowledge of the business and a strong financial record as CFO in Elopak.

Mejdell stated that the Board is confident that Axelsen will provide direction and stability during the transition towards a permanent CEO for Elopak.

Leadership Transition Context

Thomas Körmendi, the outgoing CEO, is thanked by the Board for his leadership and contributions over the past years, including strengthening Elopak’s market position, accelerating sustainability initiatives, and guiding the company as a listed entity. 

The strategic direction and priorities of the company remain unchanged during the transition.

Elopak’s Packaging Focus

Elopak is a global supplier of carton packaging and filling equipment, specializing in gable-top cartons for liquid food products such as milk, juice, and plant-based beverages.

The company has been at the forefront of developing sustainable packaging solutions, including the use of renewable and recyclable materials, and has committed to using 100 percent renewable, recyclable, or reused materials in its packaging by 2030. 

Elopak’s Duralite and Pure-Pak carton ranges are designed to minimize environmental impact while maintaining product protection and shelf life.

The company operates manufacturing facilities in Europe, North America, and Asia, serving customers in over 80 countries. 

Elopak has been listed on the Oslo Stock Exchange since 2021, and its leadership transition comes at a time when the packaging industry faces headwinds from raw material costs, energy prices, and regulatory pressures including the EU’s Packaging and Packaging Waste Regulation (PPWR).

Stability and Continuity

By appointing an internal candidate with financial expertise as interim CEO, Elopak signals continuity rather than disruption. 

Axelsen’s deep knowledge of the business and financial record position him to maintain discipline on cost management while the Board searches for a permanent chief executive.

Buarøy’s appointment as interim CFO ensures finance leadership remains within the organisation.

When the CFO Steps Up

A CEO departure can unsettle investors. 

An internal interim appointment from the CFO seat says stability. Elopak’s Board is betting that the person who knows the numbers best is the right person to steer the ship until the next captain arrives. 

For a packaging company navigating turbulent markets, that is not a stopgap, it is a signal.

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