Statoil's president and CEO Helge Lund resigns
(Thomson Reuters ONE) -
President and CEO Helge Lund has informed Statoil's (OSE: STL, NYSE: STO) board
of directors that he will resign.
Helge Lund has chosen to leave Statoil to take up the position as CEO of another
international oil and gas company.
The board of directors has appointed Eldar Sætre as acting president and CEO of
Statoil with immediate effect.
"I would like to thank Helge Lund for his great efforts during his ten years
tenure at Statoil. Under his leadership Statoil has become a stronger company.
We have seen improved safety performance, significant international growth and a
strong development on the Norwegian continental shelf. Exploration results and
shareholder return have both been among the best in the industry and the
company's integrity and values are strengthened," says Svein Rennemo, chairman
of the board.
Helge Lund assumed the role as President and CEO of Statoil on 16 August 2004.
During this period, the company has delivered strong results in several areas:
* Yearly total shareholder return has been 11.2% or 2.3 percentage points
above the industry average. 1)
* Statoil's market capitalization has increased from 189 billion NOK to above
500 billion NOK.
* The company's production has grown from around 1.1 to 1.9 million boe per
day. Production from the international portfolio has increased fivefold.
* The serious incident frequency has decreased from 3.3 to 0.7 per million
working hours.
* The number of exploration wells in 2004 was 12. This year Statoil plans to
complete around 50 exploration wells.
* It has been a privilege to lead Statoil during ten very exciting years. This
is a company with highly experienced and competent employees. I would like
to thank everyone for our collaboration and their strong efforts for
Statoil. Together we have created values for Statoil's shareholders and the
society, and strengthened our resource base at the Norwegian continental
shelf and internationally, says outgoing CEO Helge Lund.
Helge Lund led the company through the merger with Norsk Hydro's oil and gas
division. During his tenure, Statoil has become a streamlined technology driven
upstream company, through the sale of activities such as petrochemicals and
retail. At the same time, Statoil has established positions in renewable energy,
through investments in offshore wind.
"I could have continued for a period, but there is a time for everything.
Renewal is important, both for Statoil and for me. I came to the conclusion that
the time was right for a change. I have both the motivation and energy to take
on a new leadership challenge, and found this opportunity to be the right one,"
says Helge Lund.
Helge Lund resigns with immediate effect. No severance will be paid beyond
salary until the end of the notice period, 1 March 2015. In this period Helge
Lund will be at the company's disposal. The schemes for pension, bonus and long-
term incentive will be concluded in accordance with applicable agreements and
Statoil's practice.
Statoil's board of directors has appointed Eldar Sætre as acting president and
CEO.
"I am very pleased that Eldar Sætre will lead the company until a permanent CEO
is in place. Eldar Sætre has a strong track record as member of the corporate
executive committee, and has been instrumental in the development and execution
of Statoil's strategy and improvement agenda. Eldar Sætre is the right leader to
ensure continuity and execution rigour in this transition," says Svein Rennemo.
Acting CEO Eldar Sætre has been a member of Statoil's corporate executive
committee since 2003. He served as executive vice president and CFO until 2010,
then as executive vice president of the Marketing, Processing and Renewable
energy business area.
"Safe and efficient operations is my top priority. We must also recognise that
our industry is facing great challenges. We are in the midst of executing on a
comprehensive improvement agenda to strengthen our competiveness. This is
necessary for Statoil's long term opportunities and value creation," says Eldar
Sætre, acting president and CEO of Statoil.
Eldar Sætre played a key role during Statoil's IPO and the merger with Norsk
Hydro's oil and gas division. He was responsible for the updated strategy for
marketing of natural gas to the European market. He has also led the improvement
work at Statoil's onshore facilities.
As acting CEO, Eldar Sætre will receive an annual fixed pay of 5.7 million NOK.
He is also entitled to participation in Statoil's program for variable pay and
long term incentives as described in the company's declaration on executive
remuneration.
Tor Martin Anfinnsen has been appointed as acting executive vice president for
Marketing, Processing and Renewable Energy.
Statoil's board of directors has established a sub-committee which has started
the search for Statoil's next CEO, and will also engage an external adviser in
the search. The members of the board sub-committee are chairman Svein Rennemo,
board members Grace Reksten Skaugen, James Mulva and Lill Heidi Bakkerud
(employee elected).
***
1) Period: 16.08.2004-14.10.2014. Total shareholder return is calculated in USD.
Dividend is assumed re-invested at ex-date. Industry average includes BG, BP,
Chevron, ConocoPhillips, Eni, ExxonMobil, Shell and Total.
***
Statoil will host a press conference at 11:00 CET at the company's office at
Fornebu, Martin Linges vei 33. The press conference will be held in Norwegian.
It will be webcasted. Chairman of the board Svein Rennemo, acting CEO Eldar
Sætre and Helge Lund will be present.
An analyst call will be scheduled at 14:00 CET. Further information will be
published at www.statoil.com
For more information, contact:
Jannik Lindbæk jr,
Vice president media relations
Phone: +47 977 55 622
jljr(at)statoil.com
Investor relations
Lars Valdresbråten
Phone: +47 402 81 789
lava(at)statoil.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Statoil via GlobeNewswire
[HUG#1862987]
Unternehmensinformation / Kurzprofil:
Datum: 15.10.2014 - 07:45 Uhr
Sprache: Deutsch
News-ID 344038
Anzahl Zeichen: 7366
contact information:
Town:
Stavanger
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 198 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Statoil's president and CEO Helge Lund resigns"
steht unter der journalistisch-redaktionellen Verantwortung von
Statoil (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
