Sigve Brekke new Telenor Group CEO
(Thomson Reuters ONE) -
(Oslo, 12 May 2015) The Board of Directors of Telenor Group (Telenor) today
announces the appointment of Mr. Sigve Brekke as the company's new Group
President and Chief Executive Officer. He will succeed Mr. Jon Fredrik Baksaas
by 17 August 2015.
Sigve Brekke is the Executive Vice President and Head of Telenor Group's Asia
operations. He joined Telenor in 1999 and has held several executive positions
in the company since then.
"Sigve Brekke has a solid track-record as the Head of Telenor's Asia operations
and part of Group Management since August 2008. His leading role in our Asian
success story combined with his vast international experience and leadership
capabilities will be of great value as the company continues its profitable
growth journey," said Svein Aaser, Chairman of the Board of Directors in Telenor
Group.
Sigve Brekke has been instrumental in establishing Telenor Group as a leading
international mobile operator. Under Brekke's leadership, Telenor has added more
than 100 million subscribers in Asia. The value creation from Asia has been
significant and the region now represents more than 40 percent of the total
enterprise value of Telenor Group. Telenor is well positioned to monetise on the
next growth wave - providing internet for all.
"It is a great honour to be asked to lead Telenor. Our company's Norwegian and
international success is a result of Telenor Group's ability to provide digital
communication services that are valuable to our customers. Telenor's strategy,
including our financial priorities, form a solid platform for value creation for
our shareholders and continued growth in Norway, Europe and Asia. We are poised
to capture value from the opportunities arising from strong demand for internet
services and I look forward to executing our strategy together with our 33,000
employees," said Sigve Brekke.
Jon Fredrik Baksaas steps down after 13 years as the company President and CEO.
In September 2014, he extended his tenure for another year, until the end of
2015. In preparation of Baksaas' retirement, Telenor's Board of Directors
initiated a thorough process with a broad set of internal and external
candidates to find his successor. Baksaas will continue as advisor to the Board
of Directors until the end of 2016 and will serve as Chairman of GSMA, the
global industry organisation for mobile operators.
"Jon Fredrik Baksaas has internationalised Telenor and transformed us into a
modern, world-class telecom company and widely known consumer brand originating
from Norway. I believe Fredrik is one of the most important industry leaders in
Norway in modern times," said Svein Aaser.
Jon Fredrik Baksaas has served as President and CEO of Telenor Group since June
2002. Prior to becoming the President and CEO, Baksaas served as Telenor's
Deputy CEO and Chief Financial Officer. Under his leadership, Telenor has grown
substantially both in terms of number of customers, revenue and market value.
Telenor is a leading mobile telecom company with mobile operations in 13 markets
and 192 million mobile subscriptions worldwide. Revenues have increased from NOK
49 billion to NOK 107 billion and market capitalisation from NOK 45 billion to
NOK 270 billion during Baksaas' leadership. A significant contributor to this
development has been the company's growth in Asia.
"To lead Telenor during a period of rapid growth and major technological changes
has been both exciting and rewarding. In Sigve Brekke, the Board of Directors
has found the perfect candidate to continue Telenor's growth and value creation.
We have worked closely for many years, and his knowledge of the business,
customer focus and hands-on management style will ensure a great future for the
company," said Jon Fredrik Baksaas.
Sigve Brekke's annual base salary will be NOK 5.9 million. In addition he will
be entitled to a long-term incentive grant of 30 per cent of his annual base
salary. His maximum annual bonus is 50 per cent of annual base salary. His
existing pension agreement will be continued, however his pensionable income
will be capped at NOK 5 million. Sigve Brekke's retirement age is 65 years.
Brekke served as the Deputy Minister (State Secretary) of Defence from 1993 to
1996. He holds a Master of Public Administration from the John F. Kennedy School
of Government at Harvard University, where he also served as an Associate
Research Fellow.
Telenor will host a press conference today at 10.30 CET at Telenor Expo at
Snarøyveien 30, Fornebu, Norway. Chairman Svein Aaser, President and CEO Jon
Fredrik Baksaas and Sigve Brekke will be present. The press conference will be
webcasted and available on the company's web site.
Links:
Download hi-res photo of Sigve Brekke
Watch the press conference today at 10:30 a.m. CET here: desktop version and
mobile version
Contact:
Glenn Mandelid
Mobile: +47 92 66 13 00
Atle Lessum
Mobile: +47 41 50 56 45
.
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: Telenor via GlobeNewswire
[HUG#1920777]
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2015 - 07:01 Uhr
Sprache: Deutsch
News-ID 392398
Anzahl Zeichen: 6065
contact information:
Town:
OSLO
Kategorie:
Business News
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