After the Skandia raid in 1991–1992, when UNI Storebrand bought shares in Skandia without acquiring control over the company, and the shares later plummeted, Langangen was forced to leave Storebrand. He had also been the chair of Statoil from 1987, but left Statoil as well. In Statoil he had, together with the board, fired the chief executive Arve Johnsen following the Mongstad scandal.[1]
Langangen left the insurance business and became a junior solicitor in the law firm Thune & Co. He was promoted to partner before starting his own law firm Langangen & Engesæth in 1996, and then Langangen & Helset together with his second wife in 2000.[1] He has later had an engagement in Nordic American Tankers.[4] He has been the chair of Norwegian Broker[5] and Södertuna Konferensslott AB,[6] and board member of Knut Axel Ugland Holding.[7] He has been a minor owner in NorAgra, a company that invested in Lithuanian agriculture.[8] He has also been an owner in Airlift and Helilift.[9][10] From 1998 to 2001 Langangen headed the Norwegian Values Commission.[1] He had become a Christian and stated that his time as a business executive was a "wrong course".[11] He resides in Langangen[4] on a family farm.[1]