CEO of Norwegian low-cost airline Air Shuttle, Bjoern Kjos

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The chief government and co-founder of Norwegian Air, Bjørn Kjos, has stepped down after 17 years in cost on the airline.

Below the management of Mr Kjos, aged 72, Norwegian Air developed from a small home airline into Europe’s third largest low-cost provider.

It additionally broke into the transatlantic market with low fares.

Nonetheless, the agency has struggled to make income and has additionally been hit by the grounding of the Boeing 737 Max aircraft.

Norwegian has 18 of the plane and on Thursday mentioned that it didn’t anticipate them to return to service till October, later than its earlier estimate of August.

The airline mentioned the grounding might price as a lot as 700m kroner (£65m; $82m) this 12 months, and will additionally undo its plan to return to profitability.

The 737 Max fleet of jets was grounded after two crashes, the primary a Lion Air flight which crashed into the ocean off Jakarta final 12 months, and the second an Ethiopian Airways’ flight which crashed shortly after take off from Addis Ababa in March. In whole 346 individuals have been killed.