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Vow ASA: Vow appoints Tina Tønnessen as new CFO

March 29th, 2023

Vow ASA's (OSE: VOW) has appointed Tina Tønnessen Chief Financial Officer (CFO) effective as of 1 May 2023, following current CFO Erik Magelssen's decision to leave the company to pursue new opportunities.

Tina Tønnessen joins Vow from DNB, Norway's largest bank, where she has worked in corporate banking, and most recently in DNB Markets' Investment Banking Division. Prior to joining DNB, she was an auditor in KPMG. A Norwegian citizen and Certified European Financial Analyst (CEFA), she has a master's degree in Business Analysis and Performance Management from the Norwegian School of Economics (NHH).

"It is with great pleasure that I welcome Tina to our team. Her background from finance and corporate banking is highly relevant for Vow as we continue to build our business and expand the collective competence of our team. I have also learnt that she shares our passion to eliminate pollution, enhance circularity, and mitigate climate change, making her a perfect fit for Vow," said Henrik Badin, Chief Executive Officer of Vow ASA.

"I am honoured and grateful to be joining Vow and look forward to being part of the company's success. Vow plays an important role as the company's customers reinvents themselves and their business models, freeing themselves from fossil carbon, and finding ways to convert waste into valuable raw materials," said Tina Tønnessen.

Securing an orderly transition

Magelssen will remain part of the Vow team until the end of June 2023, ensuring an orderly transition to his successor. He joined Vow in January 2017 and has been instrumental in the company's development since then.

"It has been a great time. Together we have seen our company contributing significantly to cleaner oceans and more climate-friendly landbased industries and growing nearly four-fold in revenues. I will remain grateful for his support and wish him all the best in his new role," said Henrik Badin.

"Vow is an outstanding company with a strong and dedicated team of people, so this was not an easy decision to make. It has been fantastic to be part of this strong growth journey, and I will miss the employees and the challenging work tasks. I am very grateful for having been part of the Vow team for so long and look forward to seeing Vow continue its positive development in the years to come", says Erik Magelssen.

Other changes to the executive management

Vow has recently made several other changes in the management, including the promotion of Malena Morsbach to the position as Chief of Staff and Per Carlsson as Chief Development Officer. They have been with Vow since May 2022 and August 2021 respectively.

From 1 May 2023, the company's Executive Management Board comprises the following.

Henrik Badin, Chief Executive Officer Tina Tønnessen, Chief Financial Officer Jonny Hansen, Chief Operating Officer Malena Morsbach, Chief of Staff Per Carlsson, Chief Development Officer

For more information, please contact:

Henrik Badin, CEO, Vow ASA Tel: + 47 90 78 98 25 Email: henrik.badin@vowasa.com

Erik Magelssen, CFO, Vow ASA Tel: +47 928 88 728 Email: erik.magelssen@vowasa.com

About Vow

Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about preventing pollution. The company's world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries.

Advanced technologies and solutions from Vow enable industry decarbonisation and material recovery. Biomass, sewage sludge, plastic waste and end-of-life tyres can be converted into clean energy, low carbon fuels and renewable carbon that replace natural gas, petroleum products and fossil carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company's capability to deliver is well proven.

The company is a cruise market leader in wastewater purification and valorisation of waste. It provides technology and solutions which enable industries to transition towards a fossil-free future by converting biomass and waste into valuable resources and clean energy. The company also has strong niche positions in food safety and robotics, and in heat-intensive industries with a strong decarbonising agenda.

Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


vow footervow scanship etia


Lysaker Torg 12

1366 Lysaker NORWAY


Org. nr. 996 819 000


Henrik Badin

Chief Executive Officer (CEO)

+47 90 78 98 25

© vow 2023