Norwegian changed its strategy from growth to profitability in 2018, and in January 2019, the airline announced restructuring measures consisting of the closure of several crew bases mostly for its Boeing 737 operations outside Norway, as well as a possible revision of its aircraft order books, including the cancellation of nearly its entire Airbus order. On 12 March 2019, the group grounded all of its Boeing 737 MAX aircraft, on the advice of the EASA, after the Ethiopian Airlines and Lion Air crashes. On 11 July 2019, the company's founder and CEO Bjørn Kjos stepped down as CEO. Kjos explained his decision by citing his age and the company's growing need for fresh leadership. Chief Financial Officer Geir Karlsen stepped in as interim CEO. In the past year of restructuring, Norwegian encountered severe economic impact, with its stock price down more than 85% from the previous year, blamed largely in part due to the Boeing 737 MAX groundings. In an effort to delay its bond repayment of $380 million by two years, Norwegian offered its slots at Gatwick for collateral. Jacob Schram, a former gas executive, was named Kjos' replacement as CEO on 20 November 2019 and joined the company in January 2020.